Foley Wines has reported a 93% decline in profit after tax for the 2024 financial year, due to a challenging global economy and an oversupply of wine.
The company's case sales were down 4%, while bottled sales revenue increased by 0.3%.
Operating earnings also dropped by 60%.
In the US and Canada, case sales increased by 60%, but declined in Australia, the UK and Europe.
Foley Wines' total harvest for the year was 21% lower than the previous year, attributed to disruptive weather and a cooler spring.
The company is now focused on reducing debt, managing capital expenditure and seeking new opportunities.
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