Foley Family Wines turns first half profit as sales grow

Wed, 11 Mar 2015

By Suze Metherell March 11 (BusinessDesk) - Foley Family Wines, majority owned by American businessman and vineyard owner Bill Foley, posted a first-half operating profit as sales increased 14 percent. Underlying profit, which strips out fair valuation changes for harvested grapes, was $661,000 in the six months ended Dec. 31, compared to a loss of $96,000 in the previous comparable period, the Marlborough-based company said in a statement. Sales increased to $15.6 million from $13.7 million a year earlier. Net profit dropped to $400,0...

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