Dublin, Oct. 10 - Irish drinks group C&C reported a fall of nearly 40 percent in first half earnings on Wednesday and said poor summer weather and increasing costs had affected cider sales.
C&C posted a 39 percent drop in basic adjusted earnings per share of 17.5 euro cents. Operating profit fell 33 percent to 67.9 million euros ($95.36 million). That was just above analysts' forecast of 66.8 million euros.
"The financial performance reflects a number of factors such as exceptionally poor summer weather; increased competition; and additional costs in marketing and cider manufacturing capacity," said Maurice Pratt, C&C's Chief Executive said in a statement.