Wednesday, 20 October 2010

La Almoraima lost €1,7 million last year

CASTELLAR (Agencies/Photo: TioJimeno) What was once the largest estate in Europe, La Almoraima, has anounced operating losses of €1.7 million for 2009. This is below their forecast, which amounted to €2 million. Expecations for the current year amounts to a loss of €610,000, and €228.000 for 2011. The reason given by the management of the nationalised estate is that the cork market has suffered enormously since 2008 and the figures are 'dragging' since then. (You might like to read about the industry in How did that Cork get in your Bottle?)

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