CHILE’S LARGEST WINERY LOSES PROFIT

Chilean winery Vina Concha Y Toro, the country’s largest wine exporter, was down $30 million in 2006 net profit according to its securities filing with local securities regulator SVS. Sales were up 5%, while operating profit was down 4.4%. Apparently, the company is suffering at the hands of a relatively strong peso exchange rate.

According to Dow Jones, analysts said they had expected earnings to pick up in the fourth quarter in the wake of a more benign exchange rate. In the quarter, net profit was up 0.6% from the previous year while sales grew 14.1%.