World: Pernod Ricard warns of 20% hit to operating profit due to global coronavirus crisis
French spirits group Pernod Ricard warned on March 24 of a hit of around 20% to its current operating profit as a result of the slump in business caused by the global coronavirus crisis, marketscreener.com reported.
Pernod, the biggest international spirits maker in China and the world's second-biggest behind Diageo, had already cut its outlook for full-year profit growth February as a result of the hit to business from the virus.
Pernod added it was in a solid financial position to be able to cope with the impact of the outbreak, and that it had 3.4 billion euros (3.16 billion pounds) available in credit lines.
"The environment has very significantly deteriorated due to the COVID-19 outbreak. We are encouraged to see that, thanks to the implementation of strong measures, China appears to be starting to make a gradual recovery," said Alexandre Ricard, Chairman and Chief Executive Officer of Pernod.
"While we cannot predict the duration and extent of the impact, we remain confident in our strategy," he added.
E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at firstname.lastname@example.org .