US spirits producer posts $52 mln loss due to suspension of operations in Russia

The US spirits producer Brown-Forman posted a $52 million non-cash impairment charge for its Finlandia brand name, TASS reported, citing the financial report released on the company’s website on Wednesday.

"During the fourth quarter, we recognized a $52 million non-cash impairment charge for our Finlandia brand name. The impairment reflects a decline in our long-term outlook for Finlandia due to our suspension of operations in Russia, a key market for the brand," the report said.

Brown-Forman, which owns the Jack Daniel's whiskey and Finlandia vodka brand, announced suspension of its operations in Russia in March.