AUS: Dromana admits “unacceptable” H1 showing
Australian wine producer Dromana Estate has admitted its first-half performance was "unacceptable" after seeing losses quadruple.
Dromana today (28 February) posted a loss of A$724,862 (US$571,288) for the six months to 31 December. Losses, the company said, had grown by 220%. Revenues were down 6% to A$1.5m.
Dromana said it is in the middle of a cost-cutting programme that, it hoped, would save the company around A$500,000 a year.
The company noted there had already been a "major reduction" in staff overheads, which should this year save it around A$300,000.
Dromana said its overall sales had been maintained during the first half of its financial year due to a dedicated sales and marketing programme. For the year to 30 June, Dromana said it expects sales to be above those achieved in the corresponding period last year.
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