Chilean Peso Continues to Hit Wine Revenues

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Details of the latest dividend from Concha y Toro, Chile's largest wine producer, to be paid to shareholders on September 29, say more about the peso-dollar currency regime than anything else. The Chilean winemaker said it will pay shareholders CLP2.50 (US$0.005) per share. In August, the company posted a drop in operating income of almost 24% to CLP7.1bn (US$13.08m) during the second quarter. The strength of the peso hit revenues hard, which inched up by just 0.9% to CLP54.2bn for the three-month period to June 30.