Delegat's FY profit falls 22 percent on lower harvest, drop in sales

Delegat's FY profit falls 22 percent on lower harvest, drop in sales
By Hannah Lynch Aug. 29 (BusinessDesk) - Winemaker Delegat's Group's full year profit fell 22 percent after higher rainfall and cooler than usual growing conditions resulted in a lower harvest and drop in sales. Profit decreased to $25.5 million in the 12 months ended June 30 from $32.7 million a year earlier, the Auckland-based company said in a statement. Sales slipped 6 percent to $221.6 million. The 2012 harvest fell 20 percent to 20,290 tonnes. Operating profit of $25.6 million beat its December guidance of earnings between $20.5 millio...