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CyT thrives in Q3 despite pandemic

Published:  02 November, 2020

Net profits at Chilean wine giant Viña Concha y Toro have risen 54% in the third quarter, the company has announced, with EBITDA growing 53%.

Operating profits were up 69%, pushing the operating margin to 17.2%. Key drivers for growth have been higher sales volumes, an improved mix and a higher average price.

Volume sales of CyT’s Casillero del Diablo, Trivento Reserve, and Diablo brands helped drive consolidated sales growth of 28%.

Export volumes rose 19%, with markets such as the UK, Brazil, the Nordics, Mexico, and Canada, where CyT has an integrated distribution model, leading the charge.

Volumes in Asia have recovered as pandemic restrictions have eased, with China and South Korea rebounding particularly strongly.

In the domestic market, sales grew 9% by value and 11% by volume, with premium brands performing well.

Eduardo Guilisasti, chief executive of CyT, said “We are very pleased to present a quarter of historic results for Viña Concha y Toro, which evidence the strength of our business model, the consolidation of our 2022 strategy and reinforce our position among the leading companies in the global wine industry.

“Looking forward, even though the global sanitary and economic scenario continue to be marked by uncertainty, we remain confident in our vision and results, and will continue to work with a strong commitment to our people’s safety and risk prevention.”

The third quarter results follow an equally strong second quarter for the Chilean powerhouse.