Impairment charges wiped out the majority of Delegat’s Group profits for its latest fiscal year, but the Oyster Bay wine brand owner said that it was upbeat on future sales.
Delegat’s Group net profits sunk by 99% to just NZD177,000 (US$125,000) for the year to the end of June, the New Zealand firm announced today (27 August). Higher costs and impairment charges on the value of grapes and winery assets, including those held by majority-owned subsidiary Oyster Bay Marlborough Vineyards, were the main cause of the profits collapse.
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