MTI – Econews Wednesday, February 6, 2019, 10:45 After-tax profit of Zwack Unicum, Hungaryʼs best known spirits maker, rose 33% year-on-year to HUF 3.3 billion in Q1-Q3 of the companyʼs business year ending March 31, as buyers stocked up before a tax rise, an earnings report released late Tuesday shows, according to state news wire MTI. Gross revenue rose 19% to HUF 23.9 bln and net revenue increased 18% to HUF 14.4 bln. Zwack said that sales of pálinka, a fruit distillate that is Hungaryʼs national eau de vie, as well as its flagship herbal liqueur, were about four times higher than usual in the month of December as buyers stocked up before an exemption from the public health tax for such products ended. Hungarian lawmakers ended the exemption from January 1, 2019, after the European Commission stepped up an infringement procedure against Hungary on the matter. The EC argued that the exemption was protectionist because such products are mostly distilled domestically. Zwack warned that the application of the public health tax to pálinka and herbal liqueurs would raise the shelf price of these products by 20% in the premium category and as steeply as 25% in the quality segment…. Read full this story
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