Pernod Ricard more than doubles full-year profit, assesses quake costs
The French liquor giant is still assessing the financial impact of the 7.8 magnitude Kaikoura earthquake on its winery operations in Marlborough.
Pernod Ricard's New Zealand unit has reported an annual profit that more than doubled but warns it was still assessing the financial impact of the 7.8 magnitude Kaikoura earthquake that rattled the country in November.
The French liquor group's Millstream Equities posted a profit of $7.4 million in the year ended June 30, from $3.6 million a year earlier as revenue rose to $241 million from $228 million.
Its total operating expenses were $19.6 million versus $10.1 million in the prior year, reflecting higher management fees, repairs and maintenance. Tax cost also rose.
Accumulated losses now stand at $828 million versus $835 million in the prior year. No dividends were declared.
The company notes the November 14 earthquake has resulted in damage to its Blenheim winery, Brancott Estate, is subject to an insurance claim.
"The financial impact of the earthquake is still being assessed and cannot reliably be measured at this time," it says.
In late November, then Economic Development Minister Steven Joyce said the industry was "facing some challenges" after the earthquake.
Mr Joyce, who is now finance minister, said the main impact was to 20% of wine storage tanks in the region.
Wine exports reached $1.6 billion in the 12 months to November and are New Zealand's seventh-largest export.
(BusinessDesk)
Rebecca Howard
Wed, 28 Dec 2016
Wed, 28 Dec 2016
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Pernod Ricard more than doubles full-year profit, assesses quake costs
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