Delegat’s shares slump to four-month low after earnings miss analysts’ estimates

Mon, 26 Aug 2013

By Tina Morrison Aug. 26 (BusinessDesk) –Shares in Delegat’s Group, the New Zealand winemaker which has been snapping up the distressed assets of rivals, slumped 7.2 percent to a four-month low after weaker than expected earnings. Delegat’s plunged 30 cents to $3.85, the lowest since May 1, although just 2,371 shares changed hands at the lower price. Delegat’s operating profit rose 3 percent to $26.3 million in the 12 months ended June 30, lagging behind the $27.5 million expected by analysts. Last month, the company said operating profit wou...

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