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Bucharest-listed Purcari Wineries 9-mo net profit rises 15%

Bucharest-listed Purcari Wineries 9-mo net profit rises 15% Purcari Wines

BUCHAREST (Romania), November 15 (SeeNews) - Bucharest-listed wine maker Purcari Wineries [BSE:WINE] said on Friday its net profit rose by an annual 15% to 29.4 million lei ($6.8 million/6.2 million euro) in the first nine months of the year.

Net profit was impacted by prudential 1.09 million lei provision on trade account impairment and larger finance cost, Purcari said in a statement filed with the Bucharest Stock Exchange, BVB.

Net profit margin was down by 2 pp to 21% at end-September.

Revenues were 22.2% higher on the year to 138.6 million lei, while EBITDA grew by 20% year-on-year to 46.2 million lei in the January-September period.

"We are pleased with the results for the first nine months and we are looking forward to the decisive fourth quarter of the year, seasonally the most important one. We are pleased with the harvest, in what was a challenging year globally, putting us in a good position from a demand and pricing perspective as we prepare for our ambitious 2020 plans,"  Purcari Wineries CEO Victor Bostan said.

In October, Sweden-based East Capital Asset Management has increased its stake in Purcari to 5.68%, while Lorimer Ventures Limited sold a 22.6962% stake in the company. 

Currently, the company's shareholders are Amboselt Universal INC with a 25.03% stake, Fiera Capital with 9.67%, Conseq with 6.28%, East Capital with 5.68%, SEB SICAV with 5.51%, Franklin Templeton Investment Funds with 5.12%. The rest of over 42% is held by individual shareholders.

Founded in 1827, Purcari Wineries Plc is one of the largest wine and brandy groups in the CEE region. The group manages over 1,392 hectares of vineyards and operates four production platforms in Romania and Moldova. Purcari is the leader in the premium wine segment in Romania, with a 25% segment share, and the largest wine exporter from Moldova, delivering to over 40 countries.

In February 2018, the group listed on the Bucharest Stock Exchange and is now part of the blue-chip BET index.

Its shares were trading 0.44% higher at 22.9 lei on Friday on the BVB as at 1451 CET.

(1 euro=4.7667 lei)