Foley Family Wines turns to first-half loss on Kaikoura quake costs, falling sales

Tue, 28 Feb 2017

By Sophie Boot March 1 (BusinessDesk) - Foley Family Wines, whose brands include Vavasour and Martinborough Vineyard, turned to a loss in its first half as it battled falling wine sales and the aftermath of last year's Kaikoura earthquake. The net loss of $323,000 in the six months to Dec. 31 compares to a $1.6 million profit a year earlier. Revenue dropped 5.4 percent to $16.6 million, with bottled wine sales down 15 percent to $14 million. Case sales dropped 17 percent to 179,000 dozen, with the Australian and New Zealand markets accoun...

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