Bacardi’s profits have fallen after slow sales of its ready-to-drink Bacardi Breezer cocktail.

An inventory cutback in the US and Mexico also led to the company’s net earnings falling 21% in the last fiscal year.

As reported in the Financial Times, Ruben Rodriguez, the privately-held distiller’s chairman said the profit decline would not affect the issue of whether the company would seek an initial public offering.

Rodriguez noted that it is the company’s cash generation that is more relevant and cashflow from operations has risen 18% to $504m, partly due to asset sales.

Bacardi’s RTD sales were down 13% while the Breezer label was down 17%. This is during a time when RTD drinks have been under pressure in general.

In contrast, Bacardi Silver, an RTD that Bacardi sells in the US with Anhauser-Busch, saw sales rise 7%.