Remy Cointreau 2008/09 operating profit down 14.2%

PARIS, June 10 (Reuters) - French wines and spirits group Remy Cointreau (RCOP.PA) said on Wednesday its full-year 2008/09 current operating profit fell 14.2 percent to 137 million euros ($190 million), hit by difficult economic conditions.

Compensation linked to Remy Cointreau's decision to leave the Maxxium distribution joint venture, which included Fortune Brands FO.N, and substantial destocking among most wholesalers and distributors worldwide, also hurt the group's results.

This was in line with the French group's guidance for a 15 percent drop in full-year profit given in January.

The company, which sells Remy Martin cognac, Cointreau liquor and champagnes such as Piper-Heidsieck and Charles Heidsieck, made no forecast for the 2009/2010 year, only saying:

"Remy Cointreau remains confident in its ability to successfully weather this period of unfavourable conditions thanks to the power of its brands ... and the quality of its financing."

In April, Remy Cointreau had already reported full-year sales down 11.6 percent at 714 million euros.

Net profit came in at 86.1 million euros, compared with 98.4 million euros in the previous year, and net debt rose 91 million euros to 532 million euros, mainly due to penalties to exit Maxxium. (Reporting by Marie Maitre, editing by Will Waterman) ($1=.7208 Euro)