YEREVAN, March 15. /ARKA/. On Monday, Ara Grigoryan, executive director of Yerevan Brandy Factory, speaking at a press conference, said the factory would restore its pre-crisis output in 2012.
“Unfortunately, we won’t reach the output we had in 2007 and 2008, and will do it only in 2012,” he said.
The factory produced only 2.8 million liters of brandy in 2009 against 4.3 million in 2008.
Grigoryan said that the reduction was due to the fallen buying power and demand for brandy as well as adverse impacts of the global crisis.
“The factory is now trying to diversify its outlets to get rid of dependence on Russian market, where it sends the major part of its output,” he said.
The factory exports 80% of its output to Russia, Ukraine and Belarus.
Despite the economic crisis, Yerevan Brandy Factory managed to produce 4 million liters in 2009, as in 2008, and build up its profit by 14% to AMD 17 billion ($45.1 million).
Armenia’s brandy output shrank by 38.4% in 2009, compared with 2008, to 9869 thousand liters.
Yerevan Bandy Factory was established in 1887.
In June 1998, the factory joined Pernod Ricard international corporation.
Pernod Ricard bought the factory through an international tender at $30 million. M.V.-0—
