CANADA: Magnotta content with Q3 showing
Canadian wine producer Magnotta Winery Corp. has said that the rise in its third-quarter earnings and sales is "consistent with management expectations".
The Ontario-based company, formed in 1990, yesterday (14 December) posted a 2.9% increase in net earnings to C$908,440 (US$786,200) for the three months to 31 October. Net sales rose 2.5% to C$6.9m.
"This slow, steady increase in sales is consistent with management expectations," the company said.
Magnotta said that, over the nine months to 31 October, net earnings rose 2.5% to C$2.5m. Net sales increased 2.7% to C$18.2m.
Magnotta has operations located throughout the Greater Toronto Area, south-western Ontario and the Niagara Peninsula. The winery also owns 351 acres of vineyards in Chile's Maipo Valley. The company has national distribution throughout Canada with its key export markets including the US and Taiwan.
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