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Concha y Toro takes profits hit
The downturn in consumer spending lead to a dip in operating profits for 2009 for Vina Concha y Toro.
The Chilean wine firm, which owns the Casillero del Diablo brand, saw operating revenues fall 11% to CLP44.6 billion (US$84 million) for 2009, as opposed to CLP50bn in 2008.
Net earnings were up 28% to CLP44bn, with favourable currency exchange rates boosting earnings by more than CLP8bn.
Currency gains also helped the company to record a 12% rise in net sales to CLP353.5bn, but the group also saw a decline in sales per bottle for the year, which in turn brought about a CLP928m charge on wine inventories, which hit operating profits.
The fourth quarter was encouraging going into 2010, with export value sales rising by 3% and volumes by 14%, while total fourth quarter sales rose by 6%.
Alan Lodge, 26.02.2010