Cork maker Amorim's profit jumps 63% as COVID-19 rules ease

LISBON, Aug 3 (Reuters) - The world’s largest cork products company, Corticeira Amorim, posted on Tuesday a 63% jump in second-quarter net profit as the easing of COVID-19 rules boosted its core wine stopper business.

Net profit rose to 23.5 million euros ($27.87 million) between April and June 2021, when Portugal started to lift strict coronavirus restrictions, from 14.4 million euros a year ago, the company said in a statement.

Sales jumped 24.4% to 233.7 million euros from the year-ago quarter, reflecting increased economic activity and consumption following the easing of lockdown measures in Portugal and elsewhere.

“The second quarter of 2021 made a decisive contribution to this strong performance, offsetting a lower level of activity in the first three months,” the company said.

Cork stoppers’ sales jumped 27% as wine markets improved, particularly in Europe. Earnings before interest, taxes, depreciation and amortisation rose 49.6% to 45 million euros. ($1 = 0.8431 euros) (Reporting by Patrícia Vicente Rua, Editing by Catarina Demony and Richard Chang)