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Asia soars as Concha y Toro toasts Q1 sales, profits lifts

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  • Net profits in Q1 jump by 24.1% to CLP9.3bn (US$13.5m)
  • Operating profits in three months to end of March climb by 20.4% to CLP16.85bn
  • Net sales rise by 13.6% to CLP132.16bn

Viña Concha y Toro has posted a marked rise in profits in the first three months of 2016, despite a fall in domestic sales volumes in the US.

Concha y Toro credited higher volumes, lower wine costs, a premiumisation of its sales mix and a positive currency effect for the performance

Concha y Toro credited higher volumes, lower wine costs, a premiumisation of its sales mix and a positive currency effect for the performance

The Chilean wine company, which also owns Trivento in Argentina and Fetzer in the US, said late last week that net and operating profits in the quarter to the end of March were both up by over 20% on the corresponding period a year earlier. Sales from wine operations were up by just under 12%, with the top-line from the group's "other" businesses - represented by the Chilean distribution of spirits, beers, energy drinks and mineral water - jumping by 36%.

Concha y Toro credited higher volumes, lower wine costs, a premiumisation of its sales mix and a positive currency effect for the performance. The company noted, however, that expenses in the quarter were higher than the year prior.

Total exports were up by 11% in value and by 7.7% in volumes, although volumes in the US fell by 14.5%. The group noted that this was due to a "better mix of sales", with bulk wine sales dropping by 95% in the country. Europe, Concha Y Toro's biggest market, delivered an 8% volume lift, with Asia boosting its volumes by just under 40%.

Domestically, sales in Chile grew by 11.3% and 9.1% in value and volume, respectively.

The company cultivates around 9,209 hectares of vineyards in Chile, 1,142 hectares in Argentina and 468 in the US.

Earlier this year, Concha y Toro posted a 16% rise in full-year net profits on a 9% increase in sales.

To read the company's official results statement, click here.


Sectors: Company results, Wine

Companies: Concha y Toro

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