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April 24, 2003

SOUTH AFRICA: Winecorp revenue up despite strong Rand

The listed South African winery Winecorp increased its revenue by a 22% to R49.6m for the six months to 31 January 2003, compared with the R40.7m for same period in 2002.

The listed South African winery Winecorp increased its revenue by a 22% to R49.6m for the six months to 31 January 2003, compared with the R40.7m for same period in 2002.


This was attributed largely to the group’s increase in capacity by at least two thirds following the completion of a R5m expansion plan started last January, as well as a shift in wine sales mix from bulk to bottled product.


This resulted in a 39% increase in export sales and greater profitability the company announced yesterday.


However, the strengthening Rand resulted in a R2.6m loss of foreign exchange compared to a R1.6m gain the previous year.


Headline earnings for the six months under review, were down by more than half to a fraction over R2 million from over R4,4 million for the same period in 2002.

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