Pernod Ricard, a French beverage Company has declared that its annual profits have plummeted by 2% in the 2010 fiscal year.

A negative impact of currency and restructuring were cited as the main reasons for the decline in profits of the Company.

The Company has also marketed its Spanish wine brands Marques de Arienzo and Vina Eguia and other linked assets in order to get EUR28 million.

The Company revealed in a statement that the payment is on a cash free basis.

It has also sold a winery along with 358 hectares of vineyards and lands to many buyers. The purchasers include Vinos de los Herederos del Marques de Riscal SA and Gangutia SL.

The Company disclosed in a statement that the Company witnessed an overall improvement in 2009/2010, than the previous year.

Pernod Ricard disclosed that the Company derived advantage from its inclusive portfolio, which comprises the finest brands. It also attributed its growth to its strong global networking.

The organic sales of the Company witnessed an increase of 2%. The Company disclosed that it had a good technical revival in the third quarter.

The group also said that its sales in the fourth quarter have been in accordance with their estimates.