CANADA: Magnotta posts Q3 increase
Magnotta Winery Corp. has posted a slight rise in Q3 sales and profit. The company credited cost control measures, better purchasing and sales increases for the growth.
The company announced a rise in gross sales for the quarter to 31 October of 7.4% year-on-year, to C$8.5m (US$6.5m). Net earnings rose slightly from C$767,568 to C$817,037.
The company said that greater volumes, price increases, an expanded customer base from recently-opened new locations and a winery relocation had helped to boost its figures, in spite of a reduction in grape production in Ontario in 2003.
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