France-based alcohol conglomerate Pernod Ricard has reported its 9.3% organic sales growth for the third quarter (Q3) of the 2018 financial year was driven by its good performance Asia, particularly through Chinese New Year celebrations.

The company reported 18% organic sales growth for Asia and the rest of the world in Q3, compared with a 9.3% average global increase, 6% growth in Americas and 1% decline in Europe. The company further attributed its growth in Asia to cyclical demonetisation in India the 2017 financial year.

Asia and the rest of the world also performed better than other regions in net sales figures for the Q3 of 2018 are compared with Q3 of 2017. It was the only region to experience growth, with an increase of 8%. Americas’ net sales growth fell by 10% and Europe’s dropped by 3%.

Although sales in Eastern Europe have grown steadily throughout the 2018 financial year, Pernod Ricard has experienced some difficulties in Spain and France, which continued into the third quarter. The company also experienced unfavourable shipment phasing in Russia in Q3.

Pernod Ricard chairman and chief executive officer Alexandre Ricard said: “We have very strong year-to-date sales growth at 6.3%. Our strategy is consistent and driving results, in particular in terms of diversifying the sources of growth. We confirm our financial year 18 guidance given to the market on 9 February 2018 at the top-end of the range, with organic growth in profit from recurring operations of 6.2%”

The company announced its total sales totalled approximately €1.98bn ($2.45bn) for Q3 and its interim cash dividend will be €1.01 ($1.24) per share, which will be distributed to shareholders on 6 July.

The third quarter of the 2018 financial year had a higher organic sales growth rate than the average for the three quarters of 2018, which was 6.3%. However, reported growth for Q3 was -0.5%, compared with 0.2% for the first nine months of the 2018 financial year.

A low reported growth of 0.2% was attributed by the company to unfavourable foreign exchange, which has been linked to the strengthening of the Euro against the US dollar.

Pernod Ricard’s strategic international brands grew by 7%, as did its local brands, for the 2018 financial year so far. The international brands category was led by Martell, Jameson and Chivas and the local category was led by Seagram whiskies, due to popularity in India, and Olmeca.

Strategic wines remained stable with the 2017 financial year.