AUSTRALIA: Simeon Wines posts net loss
Australian wine company, Simeon Wines Ltd, posted a net loss for the six months to 31 December of A$3.58m (US$1.86m), against a loss of $A3.89m in the first six months last year. But the company said that it expected full year earnings to be slightly ahead of last year.
"With the uncertainty associated with this year's vintage, we expect full year earnings to be slightly ahead of last year's results," said managing director Neil MacKenzie. He said it was usual for the company to record a loss in the first six months as a large proportion of earnings fall in the second half.
Sales in the first six months fell from A$28.6m to A$23.986m. However, exports were said to have risen. MacKenzie stated that the proposed merger with Brian McGuigan Wines was being finalised.
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