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November 18, 2003

US: Asconi profits on expanding markets

The East European winemaker and spirits producer Asconi Corp has seen its third-quarter profit reach US$1, compared to US$177,012 for the same period last year, a rise of nearly five times.

The East European winemaker and spirits producer Asconi Corp has seen its third-quarter profit reach US$1, compared to US$177,012 for the same period last year, a rise of nearly five times.

In a statement the company said it expected the positive growth to continue through the rest of the year as it expected better margins in a number of primary markets, such as Russia.

Revenue for the quarter ended September 30 was up 41% to US$4.5m from US$3.2m in the corresponding period in 2002.

Asconi credited the gains from an expansion of its markers, including sales to the US and Israel.

Earlier this month, Asconi, which is listed in the US, forecast full-year profit of US$2.5m to US$2.8m, or 20 cents to 23 cents per share. It expects full-year of revenue of US$16m to US$17m.

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