The French spirits group, Belvedere, reported turnover of €229.4m (US$248.6m) for 2002, up 41.4% from 2001. Sales were up by some 140% in the fourth quarter, the company said. Belvedere has also forecast a 30% increase in turnover for 2003.
The surge in sales was primarily attributed to the 30% reduction in excise duty in Poland, where Belvedere produces vodka. With the resulting increase in sales on the Polish market, Poland now accounts for 95% of Belvedere’s turnover.
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