Diageo Reports Drop In H1 Net Profit

Diageo PLC DEO reported a drop in its net profit in the six months to end-December period. Diageo's sales climbed 8% to GBP5.76 billion, from GBP5.32 billion. However, its net profit dropped 20% to GBP953 million from GBP1.19 billion. Diageo's operating profit before exceptional items for the period climbed to GBP1.87 billion, from GBP1.73 billion, versus analysts' estimates of GBP1.89 billion. Diageo shares gained 2.85% to $95.30 in after-hours trading.