Delegat posts 24% decline in annual earnings on writedowns

Wed, 26 Aug 2015

By Tina Morrison Aug. 27 (BusinessDesk) - Delegat Group, New Zealand's largest listed wine company, posted a 24 percent decline in annual profit as it wrote down the value of its grapes and financial instruments used to limit its foreign currency and interest rate exposure. Net profit fell to $32.5 million, or 32.16 cents per share, in the year ended June 30, from $42.6 million, or 42.12 cents, a year earlier, the Auckland-based company said in a statement. Excluding the writedowns, operating net profit after tax increased 10 percent to $...

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