The Chilean winery, Concha y Toro, posted a net profit for the second quarter of US$7.5m, down 8.1% from the second quarter a year earlier. The company attributed the drop to the fact that the second-quarter figures last year had been augmented by an extraordinary gain from asset sales.
Operating income in the second quarter rose by 11% to US$9.6m on the back of revenue growth in the UK and Argentina. Higher administrative costs had offset some of the positive effects from revenue growth, the company said.
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Second-quarter revenues at Concha y Toro, Chile’s largest wine producer, increased by 19.3% to US$55m though domestic sales growth was put at only 2%.
