Global Wine Ventures has suffered a reverse in its profits for the last six months of 2006.

The North Adelaide-based company said today that the latter half of 2006 produced a loss of A$449,054 (US$355,615). This compared to a profit of A$15,567 in the corresponding period a year earlier. The loss came from a fall in sales for the period of 67% year-on-year to A$422,434.

Last year, Global Wine Ventures signed an agreement with Joval Pty allowing for a corporate restructuring and recapitalisation,

"The half-year to 31 December saw the directors of Global Wine Ventures continue their focus on restructuring the corporate entity in order to provide a solid platform from which to grow the company in the future," Global Wine Ventures' directors said, referring to the tie-up with Joval.

"During the same period, management concentrated on developing a range of wines from Margaret River, signing a distribution agreement with Red + White for sales and marketing in Australia, preparing for vintage 2007, selling excess bulk wine stock and exploring new market and brand opportunities around the world."

At the same time, Global Wine Ventures noted that Ken Richards resigned from the board in December, to be replaced by Theo Eversteyn, a representative of Joval.

A general meeting of Global Wine Ventures shareholders has been set for 13 March to vote on the Joval deal.