Cognac producer Rémy Cointreau closed the first half of its broken financial year with a higher profit. This was mainly due to the sale of certain business units in Eastern Europe. Without those one-off revenues, the result was actually lower.
The company behind luxury beverage brands such as Rémy Martin and Louis XIII achieved a profit of 90.5 million euros, an increase of 3.5 percent compared to a year earlier. Without the proceeds from the sale of distribution activities in the Czech Republic and Slovakia to Jägermeister, the result would have been 5.6 percent lower.
Last month, the French beverage maker already reported a decrease in sales. Among other things, the unrest in Hong Kong is troubling the company. The autonomous Chinese region is generally an important market for sellers of luxury products, such as the cognac and liqueur from Rémy Cointreau. Protests and confrontations by protesters with the police mean that tourists are now en masse away from Hong Kong.