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Absolut Vodka maker nets record profit for state

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15:12 CET+01:00
Vin & Sprit Group, Sweden's state-owned drinks producer, has netted record operating profits of 2.07 billion kronor.

V&S saw net sales increase by 6 percent to 9.84 billion, up by six percent. Profits after tax were up 42 percent to 1.5 billion kronor. Sales of Absolut Vodka, the group's largest brand, accounted for a large part of the increase.

The company said that while sales of Absolut continued to grow in the United States, percentage growth was in double figures in many countries in Latin American, Europe and Asia.

“It is extremely pleasing to see that our focus on growth and realizing synergies from the acquisitions of recent years has begun producing results,” says Bengt Baron, CEO of V&S.

V&S Absolut Spirits, the group's international brands business, also saw an 8 percent increase in sales. V&S Distillers saw reduced sales but increased profits, while profits at V&S were up 47 percent, which the company put down to increased efficiency.

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