Delegat's profits steady despite forex crunch

Winemaker Delegat’s Group (DLG) have kept profits steady despite a strong dollar and a slump in European sales.

In six-monthly reports to December filed to the NZX, Delegat’s reported net profit after tax of $17.4 million, slightly up on the same period a year prior ($17.1 million).

The results came despite a strong dollar and a sales slump in Delegat’s largest market, the United Kingdom, Ireland and Europe.

Delegat's said the high dollar effectively cost $2.4 million compared to the same period a year earlier.

Sales revenue declined 10%, to $119 million from $131.7 million, after exports to Europe dropped 24%. The decline in Europe was partly offset by a 17% increase in the number of cases sold in North America.

Delegat's said the result left it on track to full-year profit targets of between $20.5 million and $24 million.


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7096 0.0023 0.33%
AUD 0.9558 -0.0006 -0.06%
EUR 0.6406 0.0019 0.30%
GBP 0.5322 0.0024 0.45%
HKD 5.5053 0.0172 0.31%
JPY 72.6660 0.0640 0.09%

Commods

Commodity Price Change Time
Gold Index 1317.9 -6.180 2016-06-28T00:
Oil Brent 49.3 1.490 2016-06-28T00:
Oil Nymex 47.9 1.590 2016-06-28T00:
Silver Index 17.8 0.100 2016-06-28T00:

Indices

Symbol Open High Last %
NZX 50 6716.6 6793.8 6716.6 1.12%
NASDAQ 4643.9 4693.0 4594.4 2.12%
DAX 9458.4 9554.4 9268.7 1.93%
DJI 17190.5 17409.7 17140.2 1.57%
FTSE 5982.2 6170.3 5982.2 2.64%
HKSE 20217.1 20387.5 20172.5 0.69%
NI225 15523.4 15570.6 15323.1 1.44%
ASX 5103.3 5156.5 5103.3 0.92%