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Corby Distilleries Ltd. has released financial figures showing that net earnings amounted to C$24.8 m, or C$3.50 per share, for the nine months to 31 May, compared with C$18.3 m, or C$2.59 per share, for the corresponding period last year.

The corporation said that it had succeeded in increasing its operating revenue through additional bottling contracts and favourable product mix. As a result, the corporation's earnings from operations increased by more than 16% for the first nine months of this year versus the first nine months of last year. Furthermore, the 35% increase in net earnings for the nine months to 31 May was mainly due to a C$4.6 m increase in the equity earnings from the investment in the Tia Maria Group.

The corporation's total operating revenue, consisting of sales revenue and commission income, amounted to C$87.4 m for the first nine months of fiscal 2004 compared with C$79.4 m for the corresponding period last year. The increase of C$8 m in sales revenue was mainly driven by 3.5% growth in sales of the corporation's owned brands and a C$5.8 m increase in contract bottling revenue generated at the corporation's blending and bottling plant in Montreal, the company said.

Earlier this month Corby's board of directors declared a dividend of C$0.50 per share payable on 2 Aug on voting Class A common shares and non-voting Class B common shares of the corporation to shareholders of record as at the close of business on 16 July.


Sectors: Spirits

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