September 20, 2017 / 5:06 PM / a year ago

Marie Brizard Wine & Spirits reports sobering first half loss

(Reuters) - Marie Brizard Wine & Spirits (MBWS) (MBWS.PA) said on Wednesday its core earnings (EBITDA) swung to a loss in the first half, in part due to competition pushing the price of Vodka down in Poland and the United States.

The French wine and spirits producer said it made a loss of 1.9 million euros in the first half of the year, compared to an EBITDA profit of 0.4 million euros last year.

“Our businesses have continued to face a number of ongoing challenges, such as significant pricing pressure in Poland, evolving dynamics in the vodka market in the United States, and the lackluster growth of spirits in France,” Chief Executive Jean-Noel Reynaud said in a statement.

The company said pricing pressure could potentially hit its profit margins in the short-term.

In April, the Marie Brizard Wine & Spirits pushed back its strategic plan by two years as it announced it would not reach its EBITDA targets by 2018.

Reporting by Manon Jacob; Editing by Elaine Hardcastle

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