(29 November 2019)DAILY MARKET BRIEF 2:Remy Cointreau: 1H FY 2020 Net Profit Rose on Divestments


Remy Cointreau SA (RCO.FR) said Thursday that net profit in the first half of the fiscal year increased, buoyed by proceeds from disposals. The
French drink maker made a profit of 90.5 million euros ($99.4 million) for the six months ended Sept. 30, up from EUR87.5 million the year
before, on sales that fell 0.6% to EUR523.9 million. Remy Cointreau said net proceeds from the sale of its subsidiaries in the Czech Republic
and Slovakia totaled EUR6.3 million. When excluding nonrecurring items, net profit was down 5.6% to EUR84.6 million. Current operating
profit was broadly flat on the year before at EUR138.3 million, as its group brands growth was offset by partner brands, as well as usual
volatility in holding costs. The Paris-listed company said that for the fiscal year, it expects slight organic growth in current operating
profit for its group brands, while the figure is expected to stay stable at the group level. It backed its medium-term guidance.

By Vincent Mivelaz

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