May 13, 2020 / 6:25 AM / in 17 days

Stock Spirits' earnings spike as consumers stockpiled ahead of tax hikes

May 13 (Reuters) - Stock Spirits on Wednesday posted a 25.6% jump in first-half earnings as consumers stocked up on liquor ahead of tax hikes in its biggest markets, Poland and Czech Republic, and said the COVID-19 crisis has not affected its businesses as yet.

Stock Spirits, manufacturer of 1906, Stock Prestige and Vodka No.1, said its adjusted earnings before interests tax depreciation and amortization (EBITDA) edged up to 44.2 million euros ($47.96 million) for the six months ended March 31, from 35.3 million euros last year.

The Czech Finance Ministry last April put forward a 13% tax hike on spirits and gambling, while Poland proposed higher taxes on alcohol, which were eventually implemented earlier this year.

Reporting by Shanima A in Bengaluru, Editing by Sherry Jacob-Phillips

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