US spirits producer posts $52 mln loss due to suspension of operations in Russia
The US spirits producer Brown-Forman posted a $52 million non-cash impairment charge for its Finlandia brand name, TASS reported, citing the financial report released on the company’s website on Wednesday.
"During the fourth quarter, we recognized a $52 million non-cash impairment charge for our Finlandia brand name. The impairment reflects a decline in our long-term outlook for Finlandia due to our suspension of operations in Russia, a key market for the brand," the report said.
Brown-Forman, which owns the Jack Daniel's whiskey and Finlandia vodka brand, announced suspension of its operations in Russia in March.
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