Scheid Vineyards has posted a rise in sales and a drop in losses for its latest financial year.

The California-based wine company said today (9 June) that net losses in the 12 months to the end of February came in at US$1.7m compared to $4m a year earlier. Sales also improved, leaping by 24% year-on-year to $30.1m.

Scheid saw its bottom line boosted by a benefit from income taxes of $1.5m, although a loss of $1m from the write-down of vineyard improvements hindered performance.

The company operates wine grape vineyards primarily in Monterey County in California. Its main business is producing wine grapes and converting them into bulk wine for sale to other wineries.