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Campari Q1 pre-tax profit up, new CEO appointed
May 8, 2007 / 2:14 PM / in 10 years

Campari Q1 pre-tax profit up, new CEO appointed

MILAN, May 8 (Reuters) - Italian spirits maker Campari’s CPR.MI first-quarter pre-tax profit rose 8.5 percent to 37.5 million euros ($51 million) on higher net sales.

Campari also said in a statement on Tuesday its group marketing officer, Bob Kunze-Concewitz, would take over as chief executive as Enzo Visone stepped down.

Campari, best known for its bitter red aperitif of the same name, said net sales rose 8 percent to 196.6 million euros. At constant exchange rates, they gained 10.6 percent.

Earnings before interest, tax, depreciation and amortisation

(EBITDA) rose 7.7 percent to 46.5 million euros.

Sales in Italy, which makes up 48.3 percent of revenue, were up 2.7 percent, while those in the United States grew 9.4 percent but were hit by the dollar’s weakness against the euro.

Campari said on Monday it had bought an 80 percent stake in Cabo Wabo Tequila from rock singer Sammy Hagar, boosting its presence in the United States.

At 1246 GMT, Campari shares were up 0.7 percent at 7.67 euros.

((Editing by Sue Thomas; Milan newsroom, +39 02 6612 9507, fax +39 02 801 149,

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