Vina Concha y Toro, the Chilean wine giant, has reported profits up by a fifth in the third quarter of 2009, boosted by favourable exchange rates.

Net profits for the three months to the end of September rose by 20% to CLP12.9bn (US$23.5m), compared to CLP10.8bn in the same period of the year before, Vina Concha y Toro said yesterday (29 October).

The rise included a one-time gain of nearly CLP2.6bn, due the firm's foreign exchange rate hedging strategy and also a reduction in company debt.

Still, the group, which owns wine brand Casillero del Diablo, reported earlier this month that third quarter sales rose 12.4% to CLP96.16bn. For the first nine months of 2009, sales leapt by 14.8% to CLP222.89bn.

Concha y Toro CEO Eduardo Guilisasti said: "Company results in this period were highly satisfactory; we highlight Concha y Toro's strong competitive position that has allowed sales growth at a time when consumption in general has suffered a substantial contraction."