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Amorim
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The Portuguese cork manufacturer Amorim has reported a 32 per cent drop in profits in the first three months of the current year. Total turnover and cork sales, which account for around three quarters of the total, fell by around ten per cent. As a result, net profit fell to 16 million euros. In the same period in 2023, net profit was still almost 24 million euros. Analysts at the listed company had expected a profit of EUR 17 million for the first quarter of 2024.

CEO Antonio Rios Amorim said in a statement that 2024 had so far been characterised by unfavourable market conditions, namely stock sales, vineyard clearances and increased crisis distillation. However, the cork business is subject to strong economic fluctuations. Following the lifting of coronavirus restrictions in the second quarter of 2021, Amorim's net profit rose by 63 per cent.

(al / source: wine-searcher)

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