Magnotta Winerys Q2 numbers were released yesterday

Magnotta Winery's Q2 numbers were released yesterday

A branding campaign that boosted volumes has helped Magnotta Winery Corporation report net sales growth in its second quarter and first half.

The Ontario-based wine firm  said yesterday (13 September) that net sales for the three months to the end of July increased by 2.3% over the corresponding period last year to CAD6.13m (US$5.95m). For the six month period net sales increased 1.4% to CAD12.38m.

Magnotta subsequently saw net profits rise to CAD681,965 compared to a net loss of CAD185,774 for the three-month period and net earnings of CAD1.55m compared to CAD660,030 for the six-month period.

"The increase in earnings was attributable to a non-recurring, one-time retirement allowance which was accounted for during the second quarter of the prior year," the wine firm said.

"The overall growth in net sales resulted from the company expanding its branding campaign through targeted marketing and advertising which increased volumes."

For Magnotta's Q1 results, click here.