Remy Cointreau’s (RCO.FR) shares dropped 1.3% after the French drinks maker released its operating profit figures for the first half of the year. Group current operating profit for the six months to Sept. 30 reached 106.2 million euros ($126.6 million), or a like-for-like decline of 22.5%, as cost controls helped limit the fall. Still figures came in above analysts' expectations of 101.1 million euros. Adjusted earnings per share were 1.31 euros, compared to 1.70 euros a year ago. Sales for the first half declined 17.8 % to 430.8 million euros from 523.9 million euros last year. Company remains confident of its ability to emerge stronger from the crisis and expects real recovery in the second half thanks to higher demand from the US and China.
Remy Cointreau’s (RCO.FR) stock tested strong resistance zone at €152.40 but failed to break higher on the first attempt. Price pulled back below the downward trendline and is currently testing major support at €148.85. In case of a break below the aforementioned support, downward move towards € 144.59 may accelerate. Source: xStation5
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