Delegat posts 45% drop in first half profit despite rising sales

Delegat Group, New Zealand’s largest listed wine company, has posted a 45 per cent drop in first-half profit, mainly caused by a $10.7 million writedown of its vines and grapes and losses on derivative instruments used to limit its foreign currency exposure. Net profit was $9.77 million for the six months ending Dec. 31, which included fair value adjustments of $3.1 million for its vines, $7.5 million for its grapes, and $4.3 million for derivative instruments, the Auckland-based company said in a statement. that compared to a profit of $17.8 million a year earlier. Delegat confirmed record operating profit of $20.5 million, up 2 per cent from $20.2 million in the previous corresponding period, following a 4 per cent rise in global case sales to 1.13 million.

Reblogged 2 years ago from www.winebiz.com.au

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