Vina Concha y Toro has posted figures for the first three months of 2005. The Chilean wine producer and exporter said on Thursday (29 April) that net income for the quarter increased by 40.4% to CLP4.65bn (US$7.9m) compared with CLP3.31bn (US$5.7m) in the first quarter of 2004.

Earnings per ADR increased 51%, year-on-year, to US$0.55 for the first quarter.

Consolidated revenues were 16.3% higher at CLP39.77bn (US$68m). This growth was credited to higher export revenues and a strong domestic market result.

Export returns in US dollars rose by 22.6% in the period, with the volume shipped increasing by 20.4% and the average price climbing by 1.8% mainly as a result of a better mix product. Largest growth gains were obtained in Europe, Central America, Canada and the US market.

Domestic market revenues (bottled wine) increased 29.6% explained by a 13.9% increase in volumes and a 13.8% increase in the average price.

In a statement, CEO Eduardo Guilisasti said: "Our domestic market result is very positive and shows the fruits of the strategy adopted by the company, focused on business profitability."

Following strong sales performance and cost containment, operating income rose by 25.6% to CLP5.7bn. Non-operating result showed a loss of CLP91m, which is compared with a loss of CLP571 obtained in the first quarter of 2004. This was mainly explained by an exchange difference gain partially compensated by higher financial expenses.