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Diageo posts double digit growth in India amid global slump in sales

Apr 18 2014, 17:17 IST
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SummaryWorld's largest liquor maker Diageo reports double-digit growth in India in Q3 ended March 31.

The world's largest liquor maker Diageo on Thursday reported double-digit growth in India in the third quarter ended March 31, amid a global slump in sales.

It was a weak quarter in Asia-Pacific with South East Asia seeing further negative impact from the political instability in Thailand and lower trade confidence across a number of markets, the company said in a statement. "Elsewhere, Korea continued its positive momentum, and India and Global Travel Asia and Middle East both delivered double digit growth," Diageo said in its interim management statement.

Without sharing details of sales and profit, Diageo said as on March 31 2014, its net assets were 7,382 million pounds while it was 8,038 million pounds as on December 31 2013. The reduction was primarily the result of providing for the interim dividend of 493 million pounds and adverse foreign exchange movements, it added. Diageo CEO Ivan Menezes said: "Our performance reflects the challenging environment we are operating in. Consumers in North America are most resilient, as are consumers of our reserve brands in most markets.”

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