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AUSTRALIA: PLW lowers forecast for 2003

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The Australian wine company, Peter Lehmann Wines Ltd (PLW), has said its net profit for the year to June will be 25% down on last year's figure of A$6.9m. In May, the company had forecast a 10% to 15% decline for full-year net profit.

The company said that it was forecasting a 2% rise in sales revenues to A$46m but discounting by large Australian wine companies in the UK and the US had impacted on the company's bottom line. Other factors behind the "disappointing" figures were the rising supply of wine globally and the strengthening of the Australian dollar against other major currencies.

"The difference between the current financial forecasts and the May announcement is primarily because a number of export orders expected for shipment in May and June did not eventuate," the company said.


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