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Currency changes knock Zubrowka producer

Published:  05 August, 2009

Zubrowka vodka producer CEDC saw net profit fall by 18% in the three months to June 30, driven primarily by adverse currency movements.

Net profit stood at US$18.6 million on turnover of US$362.1 million, a drop of 14%.

William Carey, president and chief executive officer of the US-based business, said: "In light of the soft consumer environment that we are currently facing, we continue to outperform our main competitors in core markets, led by increasing market share gains of our core vodka brands, as well as continued growth of our import and export business.

"Our continued focus on streamlining the business is starting to show positive results in driving improved gross and operating margins."

Carey added: "As we look into the second half of the year the company is well-positioned to take advantage of a consumer pick-up with a larger market share and a lower underlying cost base."

CEDC is the largest producer of vodka in Poland and exports Zubrowka to the UK. It is also the maker of the Absolwent, Bols and Soplica vodka brands, and the Polish importer of a portfolio including Guinness, Remy Martin and Gallo.