Corby Distilleries, a Canada-based marketer of spirits and imported wines, has reported net earnings of C$7.3m ($6.93m) for the fourth quarter (Q4) ended 30 June 2013, up 49% or $2.4m ($2.27m), compared to net earnings of C$4.9m ($4.65m) during the same period in 2012.

The increase in net earnings was mostly due to higher shipment volumes and from lower administrative costs, favourable phasing of advertising and promotional spend, and higher commission income.

Net earnings during the full year ended 30 June 2013 decreased 41% to C$27.2m ($25.82m) from C$46m ($43.6m) in 2012.

Revenues increased from C$32.4m ($30.7m) in Q4 2012 to C$33.5m ($31.8m) in the fourth quarter of 2013, an increase of 3%.

The increase in revenues was driven by Corby’s Case Goods business in shipment volumes, which is attributable to the shift in customer shipment patterns experienced in Q3 2013.

Revenue for the year 2013 was C$132.7m ($125.9m), down by 10%, as against revenues of C$146.7m ($139.2m) for the comparable period in 2012.

Corby Distilleries president and CEO Patrick O’Driscoll said he is happy to report bottom line growth of 4% for their core business, which is consistent with the compound annual growth rate for the previous three years.

"This is particularly pleasing in a year which has seen a slow-down in the Canadian spirits market during a period of significant activity within Corby to develop future growth platforms," O’Driscoll added.