Concha y Toro Fourth-Quarter Profit Falls 17% on Currency Loss

Feb. 27 (Bloomberg) -- Vina Concha y Toro SA, Chile’s biggest wine exporter, reported a 17 percent decline in fourth- quarter profit on non-operating, exchange-rate losses.

Net income fell to 7.16 billion pesos ($12 million) from 8.65 billion pesos a year earlier, the Santiago-based company wrote in a statement distributed by PRNewswire after markets closed yesterday. Earnings per American depositary receipt slid 30 percent to 31.3 cents.

Sales rose 15 percent to 90.9 billion pesos on export growth. Non-operating losses increased to 3.87 billion pesos from 514 million pesos.

“This was mainly due to a loss in exchange-rate differences generated by price positions taken in anticipation of the fourth quarter,” the company wrote.