Drinks company C&C has announced a 33% fall in first half profits, with the inclement summer weather and increased competition cited as reasons for a drop in cider sales.
The firm's first half operating profit was €67.9m, with static revenues of €375.6m.
There was better news for the group's whiskey brand, Tullamore Dew, which experienced a 22% increase in volume.
C&C expects to see a single-digit decline in cider revenue for the second half of its operating year.
C&C offloaded its soft drinks division to Britvic for €249.2m in August.
Commenting on the H1 results for the six months to 31 August, C&C CEO Maurice Pratt said : 'The financial performance reflects a number of factors such as exceptionally poor weather, increased competition and additional costs in marketing and cider manufacturing capacity.'
Mr Pratt also said that 'certain corrective steps' will be taken to reduce costs and increase the group's competitiveness.
He said that the measures are intended to restore growth in revenue and operating margin in 2008/9 and beyond.
The company undertook market tests for its Magners cider brand in Spain and Germany during the period.
It found that there is demand for the product in the two countries but there are obstacles to be overcome before they can start trading.
C&C will pay shareholders an unchanged interim dividend of 12 cent per share.
