Despite an interim profit fall of 66%, the future of Western Australian based Xanadu Wines was strong, chief executive Andrew Moore said.
The listed company reported a first half net profit of A$215,000 (US$137,600) down from A$632,000 for the same period last year but revenue almost doubled to A$10.6m.
Moore said the profit fall was the result of one-off costs following last year’s acquisitions of Normans Wines and Next Generation Wines. In a global market where heavy discounting was prevalent, Xanadu had maintained its premium focus, Moore said.
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