BUSINESS

Greek winemakers see dip in profits as demand falls

Greek winemakers saw their pre-tax profits fall by 17.5 percent to 24.2 million euros, according to the 79 business in the sector that were surveyed by Hellastat.

The drop in profits comes on the back of a fall in demand. Greek firms produced 2.75 million hundred liters (hl) of wine in 2011, which was 11.3 percent down on 2010.

Wine producers blame falling domestic demand for the fall in production and profits. Hellastat says the vintners estimate that their sales to restaurants are down by about 25 percent as a result of customers spending less.

Exports of Greek wine were also down 12 percent in 2011, to 339,000 hl. Imports, however, rose by 89 percent.

Online