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Campari 2012 profits miss analyst forecasts
March 7, 2013 / 11:50 AM / 5 years ago

Campari 2012 profits miss analyst forecasts

MILAN, March 7 (Reuters) - Italian drinks company Gruppo Campari, known for its eponymous bitter red aperitif, reported on Thursday a 1.6 percent drop in 2012 net profits, missing analyst forecasts.

Profitability at the group was mainly hit by one-off costs due to the acquisition of Jamaican rum maker Lascelles DeMercado last year, the group said.

“Net profit and earnings before interest and tax (EBIT) was below our expectations. We’re looking into the one-offs,” a Milan trader said.

Shares in Campari were briefly suspended limit down after the results and were down 1.6 percent at 1136 GMT.

Full-year net profit reached 156.7 million euros, down 1.6 percent from 2011. It would have been 167.7 million euros without the one-off costs.

Those figures compare with an average forecast of 170 million euros by Thomson Reuters I/B/E/S.

The board proposed a dividend of 0.07 euro per share on 2012 results, in line with last year.

Reporting by Antonella Ciancio, additional reporting by Stephen Jewkes

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