INDIA: UB Group denies Whyte & Mackay downgrade
A spokesperson for UB Group's United Spirits division told just-drinks today that the company has not reduced operating profits estimates for Whyte & Mackay.
Yesterday, business news channel CNBC reported that the loss of bulk supply contract to Diageo had forced United Spirits to reduce Whyte & Mackay's current year operating profits guidance to US35m (US$51.5m), from GBP55m previously.
Whyte & Mackay's operating profits for the 12 months to the end of March 2009 were GBP45.6m, compared to GBP49.4m for the previous 18 months, according to figures released earlier this year.
The managing director of Beam Global Spirits & Wine in Europe has warned of a potential brand drain from the UK spirits market unless the industry can work together to improve its profitability....
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