“We are pleased to report continued revenue growth and improvements in profitability for the first quarter of our 2003 fiscal year,” said the company’s president and CEO, Gabe Magnotta, said. “Our sales growth reflects some of the initiatives started in fiscal 2002 and we are continuing to pursue new market opportunities.”
CANADA: Sales and profits rise at Magnotta
The Canadian wine company, Magnotta Winery Corporation, has reported an 18.9% increase in net revenues from C$3.9m to C$4.7m for the first quarter of the current fiscal year. Net earnings rose by 48.8% in the quarter to the end of April 2002 from C$0.4m to C$0.6m.
June 24, 2002