Castle Brands has reported a three-fold deepening of net losses in the first half of its fiscal year.
Castle Brands said yesterday (15 November) that net losses for the six months to the end of September slid to US$3.36m, versus $1m in the same period of last year. The drinks group fell deeper into the red in both the first and second quarters, its accounts show.
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The developer and marketer of alcoholic drinks, including Gosling’s Rum and Jefferson’s Bourbon, said that favourable currency rates and a series of one-off gains inflated half-year results last year. Losses from operations deepend only slightly for the six-month period, to $3.1m from $3.03m.
“Amidst a still challenging economic environment, we are pleased with the progress we are making focusing our resources on our most profitable brands, which fueled improved margins despite lower volume,” said Castle’s CEO and president, Richard Lampen.
Net sales for the half-year dipped by nearly 2% to $14.33m. Commenting on the second quarter, Castle’s chief operating officer, John Glover, said: “This quarter we successfully launched several new products and brands, including Travis Hasse’s Apple Pie and Cherry Pie Liqueurs, A. de Fussigny Cognac and Gosling’s Rum Swizzle.
“These new offerings have received strong consumer acceptance and we look forward to them playing an increasing role in our portfolio.”
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