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V&S profits lift

Published:  23 July, 2008

Vin & Sprit, the Swedish drinks company, has reported strong sales growth with a 23% rise in profits in its third quarter with Absolut vodka and Cruzan rum leading its spirits growth.

The Group's profit after tax for the first nine months of the year increased by a total of 5% to SEK 1,003m ($955).

"The third quarter was extremely strong for V&S compared to the same quarter last year," said Bengt Baron, CEO of V&S Group.

V&S claimed the weak US dollar had reduced net sales by SEK -215 million and operating profit by SEK -130 million during the first nine months of the year.

"V&S has divested several operations in the past year, primarily ones that are not part of our core business. Accounting for this fact and the weaker US dollar, operating profit increased by 7% and net sales by 14%," Baron added.