Oyster Bay Marlborough Vineyards has turned last year's net loss into profit. The company today announced a net profit after tax of NZ$1.2m (US$794,520) for the year to 30 June, after a NZ$380,000 loss last year.

Total operating revenue for the 12-month-period reached NZ$6.5m, a rise of 169% on last year's NZ$2.4m.

Chairman Bill Falconer said the bottom line turnaround had flowed from good harvest tonnages and quality. It was an indicator of what could be expected in the future, he said in a statement to NZX today.

Oyster Bay was nearing full production and was tightly managing its expenses, Falconer said.

Operating surplus before tax also registered a turnaround, hitting NZ$1.6m after a negative NZ$380,000 last year.

Earnings per share was 13.6 cents, compared with a negative 4.2c per share last year.

Dividends are set to be discussed at the company's board meeting on 31 August.