Seagram Q2 Profit Drops On Asia Woes

Second-quarter profits fell sharply at Canadian beverages and entertainment concern Seagram Co, as its drinks business in Asia was badly hurt by that region's economic woes, the company said on Wednesday. "The company's results were severely impacted by the economic and currency crises in Asia Pacific," Seagram said in its earnings statement. Seagram said net profit for the second quarter ended December 31, fell to $28 million, or 8 cents a share, from $161 million, or 43 cents a share, in the 1996 quarter. The latest results included a $60 million charge in Seagram's Spirits and Wine Group for the writedown of assets and severance at its Asian operations. The 1996 quarter included a $64 million gain on the sale of Seagram's Putnam publishing unit.