Concha y Toro Sees Profits Hit By Currency Movements; Highlights Need For Expansion

Chilean wine producer Concha y Toro has seen profits hit by the strength of the Chilean peso and high grape costs. For the first six months of 2011 the firm's net profits fell by 14.6% year-on-year to come in at CLP16bn (US$34.4mn). The company's export volumes for the first half were up 1.1% but suffered significantly in the second quarter, with a drop of 12.1%. This significant drop-off can be attributed to price increases introduced to offset the impact of the strengthening peso and the firm's average prices increased 15.8% in US dollar terms. Concha y Toro will find little

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