The Australian-based International Wine Investment Fund reported a 22% rise in net profit from A$3.63m to A$4.42m for the 12 months to the end of June.

An additional A$1.5m from the group's capital profit reserves made from the sale of long-term investments boosted total reportable profit by 11% to $5.92m after adjustments. However, a fall in the BRL Hardy share price resulted in a 17% drop in the fund's tangible assets from A$4.17 to A$3.45 per unit.