Delegat’s posts 62 percent gain in annual profit as value of vineyards, grapes increase

Sun, 25 Aug 2013

By Tina Morrison Aug 26 (BusinessDesk) – Delegat’s Group, the New Zealand winemaker which has been snapping up the distressed assets of rivals, posted a 62 percent gain in profit as it benefited from an increase in the value of its vineyards and grapes after a bigger grape harvest and higher prices. Net income rose to $41.2 million in the year ended June 30 from $25.5 million the year earlier, Auckland-based Delegat’s said in a statement. The value of the company’s vineyards, grapes and financial derivatives rose $14.9 million, compared with...

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