CHILE: Vina Concha y Toro profits up Q3
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."
Chile has lost US$250m-worth of wine as a result of an earthquake that has claimed 800 lives, but damage to the industry is not as bad as feared....
Vina Concha y Toro has reported a fall in operating profits for 2009, hit by consumers spending less on wine in the economic downturn....
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