Pernod Ricard, which owns Irish Distillers and has put its BWG distribution operation in Ireland and the UK up for sale, has reported strong growth. Pre-tax profits for 2000 rose more than 8 per cent to P368.9 million (£290 million).
Pernod does not give a breakdown of its various operations, but Irish Distillers and BWG are thought to account for about one-third of the group's profits.
Net profits fell 8.5 per cent to P195 million mainly due to exceptional items relating to the reorganisation of the group's processed fruit activities in Europe, the withdrawal from the Chinese market and a writedown of its investment in Saresco.
Operating profits in the wine and spirits division grew 15 per cent to P302 million while the group's 10 main brands increased volumes by 6 per cent and accounted for 70 per cent of the wine and spirits operating profits.
The BWG distribution operations in Ireland and the UK, which are now up for sale following the joint takeover with Diageo of the Seagrams drinks business, had sales of P1.26 billion, an increase of 29 per cent, and operating profits of P44.7 - an increase of 27 per cent. Margins in the distribution contracted from 3.7 per cent to 3.5 per cent.
