Corticeira Amorim shares drop on weaker 9-month results

Corticeira Amorim SGPS SA

Tue 10:31

** Shares of Corticeira Amorim CORA.LS fall around 8% after the Portuguese cork producer posted a decline in both 9-month net profit and sales
** Joao Queiroz, head of trading of Banco Carregosa, attributes the share price move to lower volumes, worse product mix and non-recurring costs for the restructuring of co's flooring business
** "Weakness remains concentrated in the traditional segments most exposed to wine and spirits consumption," he adds
** Still, Queiroz notes that EBITDA margin improved slightly and net debt continued to fall
** If losses hold, shares will see their worst day since March 2020

 (Reporting by Tiago Brandao)
 ((Tiago.Brandao@thomsonreuters.com;))