AUSTRALIA: Evans & Tate forecasts record profit
The company said the year-end figures would include a three-and-a-half-month contribution from Cranswick Premium Wines, acquired in March, 2003. Evans & Tate said the integration of the two businesses was on schedule.
Earnings before interest, tax, depreciation and amortisation are expected to rise by around 55% to A$13.3m.
"The company has completed a number of asset sales to reduce bank debt and will pursue this strategy in the future so as to continue to strengthen the company's balance sheet," said chairman and CEO, Franklin Tate.
Companies: Evans & Tate Wine Group
Australian wine company Evans & Tate has suffered acutely as grape oversupply and weak exports have combined to hit the Australian wine industry hard. David Robertson reports on the company's woes and...
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