Portugal: Cork company Corticeira Amorim’s Q1 profit up 23.7%

Page created: Monday, 15 May 2017 14:19 GMT

Corticeira Amorim  Earnings Report   Q1 2017

Lisbon, May 15 (Lusa) – Portuguese cork company Corticeira Amorim posted profit of €17.2 million, up 23.7% on year, the company said on Monday.

In a market filing, Corticeira Amorim said the result was due to “a notable rise in sales, which grew to €171.7 million, which is a 9.6% increase against the same period of last year,” which it said was due to Portugal having two more working days between January and March 2017 compared to the same quarter of 2016.

The group, based in the northern city of Santa Maria da Feira, said that all the business units recorded a rise in sales, as well as benefiting from a positive exchange rate.

EBITDA (earnings before interest, depreciation and amortisation) rose 21.6% to €33.6 million in the reporting period, the company said.