Bermuda-based drinks giant Bacardi International, which held its annual general meeting here on Friday, reportedly saw a 25 percent gain in earnings last year due mostly to its $2.29 acquisition of the Grey Goose brand last August.

Bacardi ? which is privately owned by about 600 shareholders, 98 percent of which are part of the Bacardi family ? does not release its results to the public. However, The Miami Herald reported on Friday that it had obtained a copy of the annual report which it said ?marked the first upswing in net earnings for Bacardi after two years of declines?.

The Herald reports that for the year ending March 31, net earnings jumped to $438 million, compared with $351 million the previous year. Sales also hit a record of $3.5 billion, up from $3.2 billion.

Bacardi rum, Grey Goose vodka, Bombay Sapphire gin, Dewar?s Scotch whisky and Cazadores tequila all saw significant sales volume and dollar value growth during the fiscal year. Martini vermouth was the only major brand with a decline in sales volume due to a downturn in key European markets.

The Herald reports that Bacardi also saw its largest sales volume gain in five years ? a six percent increase ? after efforts to grow sales of its core Bacardi rum product resulted in strong sales in the United States, Mexico, Netherlands and the United Kingdom.

The popularity of the mojito as a trendy cocktail also helped the company which has also increased its marketing for Bacardi rum complete with the ?zero carb beverage option? of Bacardi and Diet Coke.

While Grey Goose exceeded the company?s sales volume projections by 28 percent, ready-to-drink or low-proof beverages including Bacardi Breezers and Bacardi Silver declined 26 percent over the previous year on the collapse of the European market.

The results come as Bacardi?s board was to elect Facundo L. Bacardi as its new chairman. He replaces Ruben Rodriquez who also stepped down as president and chief executive officer this month and was replaced by Andreas Gembler.

While the company is choosing to site out competitor?s fights over the purchase of assets of Allied Domecq, the subject of Bacardi taking the company public remains up in the air.

While Bacardi?s shareholders gave the approval to issue shares in a public offering in 2004, the board has yet to make any moves in that direction.

Industry experts told The Herald that the company?s recent results show Bacardi can afford to go it alone.