IN FISCAL YEAR 2008-2009 PROFIT OF YEREVAN BRANDY COMPANY GREW BY 14%
Arminfo
2009-09-10 17:09:00
ArmInfo. In fiscal year 2008-2009 the after-tax profit of Yerevan
Brandy Company (YBC) grew by 14% to 17bln AMD (almost $45mln),
Executive Director of YBC Ara Grigoryan said during a press-conference
today.
The profit grew due to fluctuating foreign exchange rate and growing
sales prices in 2009. Despite the crisis the company managed to keep
its output and export at the level of 2007-2008 – almost 4mln l. The
staff of the company was not reduced.
However, the crisis prevented YBC from fulfilling its plan – 18%
growth in production. In July-Aug 2009 as compared with July-Aug 2008
the output almost halved while the export dropped by 36%. Grigoryan
said that today it is hard to forecast anything because of the
crisis. Nevertheless, he hopes that the market will liven up by the
end of this year.
Almost 80% of YBC’s brandy is sold to Russia, Ukraine and Belarus,
i.e. to the markets that are still experiencing problems.
In fiscal year 2007-2008 (July 1-June 30) the sales of YBC grew by 24%
to 4.2mln l.
Yerevan Brandy Company was bought by Pernod Ricard in May 1998
for $30mln.
From: Emil Lazarian | Ararat NewsPress
