Greek tragedy for brandy profits

FRENCH drinks group Remy Cointreau revealed yesterday that it has taken a blow from the Greek economic crisis, writing €45 million off the value of its Metaxa brand as sales of the Greek brandy declined in its domestic market.

The Greek writedown wiped two-thirds off Remy's group net profit, which slumped to €14.1m in the six months to the end of September.

The problems in Greece offset strong growth in the Chinese cognac market.