Central European Distribution Organisation, the wine and spirits group, has reported a 51% rise in third quarter revenues, but saw profit hit by curreny charges.

The group (CEDC) said that revenue for the three months ended 30 September reached US$452m.

Operating income rose by 86% to $52.8m, said the group, which imports a range of brands in Poland and Hungary, including Jim Beam, Guinness, Concha y Toro wines, Grant's whisky and Remy Martin Cognac.

Reported net income on a GAAP accounting basis fell to $661,000 during the quarter, down from $17m in the same period last year. The group blamed this on a translation to US GAAP accounting standards, which entailed "unrealised foreign exchange movements relating to our foreign currency financing".

Comparable net income for the quarter, on a non-GAAP basis, more than doubled to $41.7m, up from $18.3m last year.

William Carey, president and CEO, said: "We are seeing continued margin accretion in the business, driven by the strong performance of our core vodka brands and exclusive imports. We continued to see strong organic growth in the third quarter in Russia of over 25%, as well as approximately 7% in Poland."

CEDC owns the fast-growing Green Mark vodka brand in Russia.

"As we move into our most profitable quarter, the fourth quarter, we look to see gross margins continue to expand to 28% - 30% in the quarter," said Carey.

CEDC said it has revised its full-year 2008 comparable earnings per share guidance, from $2.75-$2.95 to $2.85-$3.05. It also reconfirmed full-year 2008 net sales guidance of $1.65-$1.80bn.

For 2009, the company said it expects full-year net sales of $1.93 - $2.03bn and earnings per share of $3.75-$4.00.