PARIS - French wine and spirits group Pernod Ricard says net profit in the first half of its fiscal year rose 5 per cent thanks to strengthening sales in Asia — notably from its Martell cognac brand.
The company behind Absolut vodka and Ballantine's whisky reported Thursday that net profit rose to €858 million ($1156.58 million) in the first half of its 2012-13 fiscal year, up from €820 million in the same period last year. Revenues climbed 6 per cent to €4.91 billion.
Pernod Ricard posted 13 per cent organic growth in sales in Asia behind an 18-per cent increase in China, notably crediting rising market share for the Martell brand. The Americas posted 6 per cent organic growth in sales.
The company predicted 6 per cent organic growth in profit from recurring operations for all of 2013.