Tax

Summary Box: Tax changes send Diageo profit down

AP News
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Posted: Feb 09, 2012 2:24 PM
Summary Box: Tax changes send Diageo profit down

TAX NIP: A one-time tax hit sent profits at drinks company Diageo PLC's down 20 percent in the last six months of 2011, despite rising income following a strong performance in emerging markets.

FALLING PROFIT: Diageo, whose brands include Johnnie Walker scotch and Guinness stout, said Thursday that its net profit for the period _ the first half of its financial year _ was 953 million pounds ($1.5 billion), down from 1.19 billion pounds a year earlier.

GROWTH AREA: CEO Paul Walsh said emerging markets in Africa, Latin America and Europe have grown to account for nearly 40 percent of its business.