The Italian drinks producer Davide Campari Milano SpA announced pretax profits of €58.6m in the third quarter today, an increase of 173% on the same period last year, as the company gained from the sale of its Milan HQ.
Meanwhile, earnings before interest and taxes, or EBIT, were up 11.4% to €28.6m, on sales €173m, up 14.7%.
The company pointed to the launch of new products such as flavoured vodkas in the Skyy vodka line and sales of soda drinks during the hot summer for the rise. In the first nine months, spirits sales were up 25.3% in constant currency terms, while soft drink sales, accounting for almost a quarter of Campari’s group revenue, grew 14%. Sales of its Cinzano label vermouth and sparkling wines both rose more than 7% in the period.
However, the company said that the poor harvest last year and the limited stocks that followed meant sales of Campari’s Sella & Mosca wines declined 1.2% in the first nine months of 2003.
EBITDA, for the first nine months, was up 6.2% to €118.7m.
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