Citing difficult economic conditions, French wines and spirits group Remy Cointreau Wednesday posted a 14.2 percent drop in its full-year 2008-09 current operating profit to 137 million euros. The group's earnings for the year plunged 12.7 percent - from the earlier year's 817.8 million euros to 714.1 million euros.

Reporting the fiscal 2009 figures, Remy Cointreau - maker of Remy Martin cognac, Cointreau liquor, Piper-Heidsieck and Charles Heidsieck champagnes - said that its year-on-year net profit from continuing operations tumbled 8.2 percent to 86.1 million euros, as compared to the earlier year figures of 93.8 million euros.

However, the group's profit before tax figures benefited from the step up in financial charges, and showed a 6.6 percent increase to 120.6 million euros from the 2008 figures of 113.2 million euros.

Though the French group's operating profit drop figures were in line with its January-estimated 15 percent drop, the company said that its results were essentially hurt by compensation linked to its decision to quit the Maxxium distribution joint venture; as well as sizeable de-stocking among its worldwide wholesalers and distributors.

Stopping short of making a forecast for the 2009-2010 fiscal, Remy Cointreau said: "The group remains confident in its ability to successfully weather this period of unfavorable conditions thanks to the power of its brands ... and the quality of its financing."