Absolut owners upbeat despite profit loss
Published: 23 July, 2008
SWEDEN: Swedish drinks company Vin & Sprit, which owns brand including Absolut vodka has seen a fall in profits of 19% despite increasing sales volume.
The company's first-half sales results reported net sales were down 3% by value to SEK 4,683million (338.6m) but volume was up 2% to 12.1m nine-litre cases.
It said its increased volumes were primarily due to higher sales of Absolut vodka and Cruzan rum. However its wine arm saw operating profit fall by SEK 10m (0.7m).
Bengt Baron, CEO of V&S group said: "It is my hope that we will see even better results for this group than last year. I base this on continued good sales development for Absolut vodka, while we are also increasing efficiency throughout the group."
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