CHILE: Vina Concha y Toro wine sales improve in Q3
- Sales momentum improves
- Export volumes still ahead of value
- Q3 profits rise
Vina Concha y Toro increases Q3 sales and profits
Vina Concha y Toro has reported a stronger rise in wine sales in the third quarter of 2010, but profits for the year-to-date remain under pressure.
Net sales rose by 11.5% to CLP107.6bn (US$224m) for the three months to the end of September, said Vina Concha y Toro late yesterday (10 November). The rise, driven by both exports and domestic sales, helped to lift net sales by 5% for the first nine months of the year, compared to the same period of 2009.
However, there were signs that promotions in key export markets, as well as a strong Chilean peso, constrained the group's revenues. Exports of bottled wine rose by 12% in the third quarter, but export volumes increased by 19%.
Still, the Casillero del Diablo winemaker said that it increased prices in most markets during the quarter and it highlighted stronger volume sales momentum in the UK. It called the results "satisfactory".
Net profits rose by 4.5% for the quarter, to CLP13.26bn. This helped to mitigate a 16% fall in net profits in the first half of the year and left nine-month profits down by 8.6% to CLP32.07bn. Operating profits rose by 2.6% in the third quarter, to CLP13.78bn, leaving operating profits down by 3.6% for the first nine months of the year.
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