China Celebrates New Year with French Cognac

Pernod Ricard produces several leading spirits brands

Strong demand in Asia for cognac during the Chinese New Year helped boost sales at French drinks giant Pernod Ricard. Read original article

The firm, which produces Martell cognac, said group sales in the three months to the end of March rose by 6.8% to 1.39bn euros (£949m; $1.8bn).

Demand for Martell in Asia jumped by 20% during the quarter, while wine and spirits sales boosted Pernod Ricard's fortunes in its core European market.

The company's other top brands include Jacob's Creek wine and Malibu rum.

The strong third-quarter performance in Asia came despite the strong value of the euro, Pernod Ricard said.

"We had a very good Chinese New Year," managing director Pierre Pringuet said. "Asia remains the most dynamic region in our portfolio of businesses."

On a nine-month basis, the world's second-biggest drinks group said its sales rose by 7.2% to 4.89bn euros.

Pernod Ricard added that it remained interested in acquiring the Swedish drinks firm behind Absolut vodka, Vin & Sprit, should the Swedish government decide to put it up for sale.

The robust sales figures lifted shares in Pernod Ricard by almost 2% on the Paris stock exchange.