Magnotta Winery released its Q3 numbers yesterday

Magnotta Winery released its Q3 numbers yesterday

Magnotta Winery Corporation has posted a marked slide in net profits despite static sales in the third quarter of this year.

The Ontario-based wine producer said yesterday (14 December) that net profits for the three months to the end of October fell by 19% year-on-year, coming in at CAD654,171 (US$650,180). The decrease came despite a 0.5% rise in net sales in the period, reaching CAD7.47m.

Magnotta has a healthy first-half of 2010 to thank for its performance so far this year. For the first nine months of the year, net profits stand 50% up on the corresponding period in 2009, at CAD2.2m. Net sales have remained static thus far, inching up 1.1% to CAD19.8m.

The company noted, however, that stripping out a one-off item in 2009 would have meant net profits a year ago of CAD2.45m, meaning that net profits so far this year would actually be 9.9% down.

To read Magnotta's official announcement, click here.