Diageo reports double-digit growth in India amidst global sales slump
19 Apr 2014
British liquor maker Diageo Plc, which is in the process of acquiring an additional 28-per cent stake in Vijay Mallya-controlled United Spirits Ltd, has reported double-digit growth in India during the quarter ended 31 March 2014, amidst a slump in global sales.
Diageo did not reveal India-specific sales figures for the quarter, but merely stated that India and the Middle East delivered double-digit growth.
Sales in Korea also continued to show positive momentum during the third quarter, the company said.
There was uncertainty in Asia-Pacific sales, especially in the backdrop of South East Asia witnessing further negative impact from political instability in Thailand and lower trade confidence across markets, the company said.
''This quarter's results reflect the weaker performance in Chinese white spirits in the three months ended December 31, 2013,'' the company said in a statement.
Diageo said its net assets as of 31 March 2014 stood lower at 7,382 million pounds against 8,038 million pounds as of 31 December 2013.
Diageo said consumer confidence across emerging markets was impacted by currency and economic weakness in the third quarter of its business year while consumer trends in the developed markets were in line with those in the first half.