Canadian wine group, Andres Wines, posted net income for the third quarter of 2002 of C$3.38m, up 34.3% from C$2.85m in the corresponding period last year. Sales were up 9% at C$44.24m.
Net income for the nine-month period stood at C$6.39m, against C$6.07m last year which included a C$1m gain. Nine-month sales rose by 7.6% from C$106.84m to C$114.95m.
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“Over the past 10 years, our sales have grown at a compound rate of over 15%, with more than half of this increase coming from our innovative sales and marketing programmes,” said Andres Wines’ president and CEO, John Peller. “We are confident that our continuing commitment to producing the highest quality wines, and our expanding presence in all trade channels, will generate further growth in sales and profitability going forward.”
Earnings before interest, taxes and amortisation (EBITA) rose by 32.5% to C$8.7m in the third quarter, while nine-month EBITA rose by 25.0% to C$16.3m.
