Winemaker Delegat posts 45% drop in 1H profit despite rising sales

Thu, 26 Feb 2015

By Fiona Rotherham Feb. 27 (BusinessDesk) - Delegat Group, New Zealand’s largest listed wine company, has posted a 45 per cent drop in first-half profit, mainly caused by a $10.7 million writedown of its vines and grapes and losses on derivative instruments used to limit its foreign currency exposure. Net profit was $9.77 million for the six months ending Dec. 31, which included fair value adjustments of $3.1 million for its vines, $7.5 million for its grapes, and $4.3 million for derivative instruments, the Auckland-based company said in...

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