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Concha y Toro's net income doubles in 2007

Published:  23 July, 2008

Chile's largest wine producer Concha y Toro saw net income almost double in 2007.

The company's latest set of results highlighted an 80.9% increase in yearly operating income while operating margin rose from 11.3% to 16.5%.

Strong fourth quarter trading drove the yearly results with net income for the last three months of 2007 increase by 78.7% to $16 million (8.1m).

Eduardo Guilisasti, Vina Concha y Toro chief executive, said 2007 was an "outstanding" year.

He added: "The company has outperformed the industry, thus increasing its leading position in both domestic and international markets.

"Sales of our wines abroad in the fourth quarter again generated record sales, showing the strength of our brands. Exports by value rose 20.8% in the quarter and 36.5% in the year."

Concha y Toro's flagship brand Casillero del Diablo performed particularly well last year with a 40% growth rate.

Guilisasti concluded there had been "vigorous" growth in the UK market with a "strong momentum for Chilean wines".