Higher interest rates hit wine-exporter Delegat Group

Fair value adjustments are required under New Zealand accounting standards for grapes. (Image: Warren Buckland)

Fri, 23 Feb 2024

Wine exporter Delegat Group’s first-half net profit fell by 18 per cent to $33.4 million, due mostly to higher interest costs and accounting adjustments.Revenue was mostly flat.At an operating level – excluding the impact of fair value adjustments required under New Zealand accounting standards for grapes and derivative financial instruments – the net profit came to $37.8m for the six months to December, compared with $40.2m in the same period in the previous year.Operating earnings before interest and tax were $62m, down $200...

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