French alcohol giant Pernod Ricard has been in high spirits, as its Asian market has been growing at an encouraging pace which has helped it resisting against the feeble economic conditions worldwide.

The giant has clarified that the new financial year has been favorable for them and the products like Martell cognac and Absolut vodka had done a great job in developing countries.

Chief Executive Pierre Pringuet has notified that the company will make efforts to reduce its debt and to intensify the earnings by June 30, 2012, by reducing the debt to income ratio to around 4.

Pringuet stated that they aim at making profits in the current year and will achieve it. The first quarter results have been quite satisfactory and the company will continue to grow. "For the first quarter we are fully in line with the big trends seen in the full year 2010-2011", he said.

The shares of the company have been low right now at 61.66 Euros by 1.3%. The shares have gone down 11% in the current year but are expected to grow in future.

The first-quarter sales result will be announced in October and the guidance detail for the remaining fiscal year will be out at the same time.