BRIEF-CNFC Overseas Fisheries sees FY 2017 Q1 net loss to narrow
* Sees net loss for FY 2017 Q1 to be 4 million yuan to 4.5 million yuan, compared to net loss in FY 2016 Q1(10.6 million yuan)
PARIS Oct 24French spirits group Pernod Ricard announced first quarter underlying sales below market expectations on Thursday, with revenues hit by persistent weakness in China.
The world's second-biggest spirits group behind Britain's Diageo was cautious for the current year, predicting growth in underlying profit from recurring operations of between 4 and 5 percent for the year ending June 30, 2014.
That would be a slowdown from the profit growth of 6 percent achieved in FY 2012-13.
Pernod relies on Asia for about 46 percent of its recurring profits. Like its rivals, including smaller peer Remy Cointreau , it has been hurt by a government clampdown on luxury gifts in China, in addition to the slowdown in economic growth in the country.
Pernod achieved sales of 2.013 billion euros in the quarter, a like-for-like decline of 1.0 percent and a sharp slowdown from 5 percent growth in the fourth quarter 2012/13.
Six analysts polled by Reuters had eyed a like-for-like rise of 1.7 percent on average in the quarter. (Reporting by Dominique Vidalon; editing by Mark John)
* S&P has affirmed Arcelik's corporate credit rating as BB+ and outlook as stable