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Cork maker’s profits pop 63 percent as wine market recovers

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The world’s largest cork products company, Corticeira Amorim, posted on Tuesday a 63 percent jump in second-quarter net profit as the easing of COVID-19 rules boosted its core wine stopper business.

Net profit rose to 23.5 million euros ($27.87 million) between April and June 2021, when Portugal started to lift strict coronavirus restrictions, from 14.4 million euros a year ago, the company said in a statement.

Sales jumped 24.4 percent from the year-ago quarter, reflecting increased economic activity and consumption following the easing of lockdown measures in Portugal and elsewhere.

“The second quarter of 2021 made a decisive contribution to this strong performance, offsetting a lower level of activity in the first three months,” the company said.

Cork stoppers’ sales jumped 27 percent as wine markets improved, particularly in Europe. Earnings before interest, taxes, depreciation and amortisation rose 49.6 percent, to 45 million euros.



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