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Pernod Ricard shares rise on announcement of certain US tax refunds

Pernod Ricard shares rise on announcement of certain US tax refunds

Pernod Ricard shares opened higher Wednesday after the French spirits group said it would book an additional $163 million in pre-tax profit that will be reflected in its 2020-2021 accounts.

 

Pernod Ricard announced on Wednesday that an August 23 ruling by a U.S. appeals court in favor of the National Association of Manufacturers (NAM) would allow it to “benefit from the ‘drawback’ on exports of certain spirits outside the United States.

 

Drawback is the refund of certain taxes or duties paid to customs on the importation of certain goods when similar goods are exported.

 

This court decision will result in an additional pre-tax profit of 163 million dollars (138.8 million euros), including 33 million dollars (28.1 million euros) of current operating income, equivalent to about 1% of additional organic growth, the group said in a statement.

 

Read Also > MOËT HENNESSY TO ADD “SPARKLING WINE” LABEL TO CHAMPAGNE FOR RUSSIA

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Featured Photo : © Pernod Ricard

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