By Inti Landauro
PARIS—Rémy Cointreau /zigman2/quotes/206802273/delayed FR:RCO -0.82% SA said Tuesday its fiscal first-half net profit fell 65% due to a provision related to the sale of Metaxa Greek brandy.
The French spirits group said net profit in the first half of the year ended Sept. 30 was €14.1 million compared with €39.8 million in the same period a year earlier. Net profit excluding nonrecurring profits or losses was €47.5 million, up from €37 million. Operating profit rose to €81 million from €65.5 million.
Rémy Cointreau attributed the increase of its operating profit to rising sales in Asia. "The group continued to enjoy strong growth in Asia and demonstrated good resilience in Europe and the U.S.," the company said in a statement.
The company's operating margin over the period rose to 18.9% from 18.1% a year earlier. It reiterated it has begun the process to sell its champagne business and plans to focus on developing its premium brands.