Corticeira Amorim profits up 18.2%

Profits at Portugal’s cork giant Corticeira Amorim rose 18.2% in the first quarter of the year partly because of savings on operational costs.

The company enjoyed profits of €23.8 million, a growth also partly down to savings made on energy and transport costs.
The information was communicated on Monday to the Portuguese stock market commission CMVM with the company also informing it would pay out a gross dividend of €0.20 per share on May 15.
Corticeira Amorim states that despite the negative impacts of higher cork prices on consumers and increasing staff costs, it made savings on energy bills and transport.
The company’s consolidated EBITDA rose €47.9 million in the first three months of the year, which compared to €44.1 million like-for-like.
“The fall in sales at its Claddings Business Unit was decisive in the evolution of consolidated sales, with a growth of 5.9% in the sales of UN Rolhas (UN Corks)”, states the company.