Corticeira Amorim shares drop on weaker 9-month results

** 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