In the eight months in Wellington trading, Delegat's Group Ltd., New Zealand's biggest publicly traded wine maker, gained the most, subsequent to reporting a 61 percent surge in full-year profit.
In the year ended June 30, Delegat's net income was as much as NZ$31 million ($20 million), up from NZ$19.2 million a year earlier. This was confirmed by the Auckland-based company itself, which considered preliminary accounts.
Delegat's said: "Improved earnings were driven by strong fourth quarter sales and gains on foreign exchange contracts. A jump was seen by 4.9% in the stock."
Last year, Delegat's which owns the Oyster Bay brand, accounted for about 14 percent of New Zealand's wine exports. In order to maintain quality and prevent a glut amid good growing conditions and slowing export markets, growers pruned the 2009 crop heavily.
The company said: "Delegat's harvested 24,268 metric tons of grapes in the latest season, 2 percent less than forecast and 9 percent less than a year earlier. Profit before interest, tax, depreciation and amortization rose as much as 18 percent to NZ$65 million."
Related News
- Oyster Bay in a takeover bid from Delegat's
- Delegat's wine eying the rest of Oyster Bay
- Delegat's wins shares of Oyster Bay
- Vector hopes meeting or exceeding estimates for full year result
- Drop in Methven share price after poor outlook
- NZ's Port of Tauranga posts 7% rise in full year net profit
- DB Breweries register lower profit
