CHILE: Vina Concha y Toro H1 profits drop
- Profits down 16%
- Earthquake fails to halt sales rise
- Strong value sales growth in Chile
Vina Concha y Toro upbeat on H1 sales
Vina Concha y Toro has reported a double-digit fall in half-year profits, despite overcoming damage from a powerful earthquake in its native Chile to increase sales for the period.
Net profits for the six months to the end of June fell by 16% to CLP18.8bn (US$34m), Concha y Toro said earlier this month. The Casillero del Diablo wine producer also saw operating profits fall by 7%, to CLP20.8bn, compared to the first half of 2009, due to higher costs.
The firm's operations were hampered in the first quarter of 2010 by a powerful earthquake that forced the group to temporarily halt wine supplies.
However, sales recovered to rise by nearly 1% in volume and 2% in value for the half-year, to CLP166.6bn. Export sales rose by 1% in value and by 2% in volume against the same period of 2009. Sales of bottled wine in Chile rose by 8% for the six months, to CLP25.3bn.
The UK, Brazil and Scandinavia continued to drive export sales growth during the period, said the company. It said that the results were "satisfactory".
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