CANADA: Tia Maria sale props up Corby H1
Canadian spirits group Corby Distilleries has reported a set of "solid" results for the first half of its financial year.
Corby, whose brands include Lamb's rum and Polar Ice vodka, posted net income of C$90.6m (US$77.5m) for the six months to 31 December.
The company said its figures had been boosted by the sale of its stake in the Tia Maria Group for C$72.6m. Stripping out that bonanza, Corby said net income reached C$19m. Net sales hit C$80.4m.
The company said year-earlier numbers were not comparable as it has changed the end of its fiscal year from 31 August to 30 June.
"The past year has been one of significant change at Corby," said George McCarthy, chairman of the company's board of directors. "The organisation has spent a great deal of energy forging alignment of new relationships and integrating brands into a reconstructed portfolio of premium offerings. It is a testament to all those involved that the company has continued to produce solid results."
Three-quarters of Corby's production is carried out at Pernod's Hiram Walker arm in Ontario.
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