Campari has pre-tax profit 25.4% less in the quarter

The profit before tax of the Italian group Campari, maker of drinks was 39.4 million euros in the first quarter, according to the company's balance sheet published today. In comparison with the same period in 2012, the fall was 25.4%. The company did not provide net profits for the first three months of the year.
In 12 months, net of Italian rose 12.9%, reaching 315.2 million euros. According to Campari, the region of the Americas overcame Italy in revenues, growing 66.7% to 142.2 million euros, while sales for the Italian market generated 26.2 percent less revenue, or 75 million euros.
"The bad time in Italy, caused by article 62 [which changes the rules for payments to vendors in the country] was overcome, in part, by the strong performance in Brazil," said the group in a statement. The Campari also highlighted the performances presented in the United States, Argentina and Nigeria. Tag sales in Brazil grew by 15.9%.
Despite the high revenue, cost of sales was also higher, and at higher pace. The line of the balance sheet rose 31.6 percent to 154.8 million euros, while General and administrative expenses advanced 26.9%, to EUR 67.5 million, and spending on advertising and promotions have risen 1.2%, to 45.3 million euros.
With larger expenses, the operating profit of Campari ended up falling 17.6 percent in the first quarter, the margin also deteriorating on this result, which was 22.4% to 16.3% in one year. The financial result also worsened in 26.2%, to 12 million, affecting the company's profit.