Belvedere First-Half 1998 Results

Shares in French vodka bottle manufacturer Belvedere were suspended limit-down on the Nouveau Marche. The company announced a 24.6% fall in first-half 1998 profits to FFr 6.5m. Turnover, however, rose 72.2% to FFr108m, which included turnover generated in Russia. Belvedere said the interim results did not reflect the level of full-year activity and margins and pointed out that much of its activity is carried out in the final quarter. Belvedere was expecting full-year turnover of FFr 400m. At the end of August, the company forecast a 1998 turnover in excess of FFr500m. (whole item)