Delegat revises forecast full-year profit to $37m on record case sales
Net profit is expected to be $54 million for the year ended June 30.
Delegat Group [NZX: DGL], New Zealand's largest listed wine company, has revised its forecast net operating profit for the 2016 financial year up $1 million to $37 million on record case sales.
Net profit is expected to be $54 million for the year ended June 30, including a $17 million fair value adjustment to biological assets such as its vines and grapes Delegat said in a statement to the NZX. It also said it achieved record case sales of 2.4 million for the year, up 9 percent on last year.
The group's audited full-year results are due in late August.
Delegat is expanding its vineyards and targeting increased exports as it seeks to build a leading global "super premium" wine company with its Oyster Bay and Barossa Valley Estate wine brands.
In February it reported half-year profit, excluding one-time movements in the value of its assets, of $21.5 million, up from $20.5 million in the same period the prior year. Net profit almost doubled to $19.2 million on rising sales.
Delegat's share price is trading at $6.15, up 2.5 percent today.
(BusinessDesk)
Fiona Rotherham
Fri, 08 Jul 2016
Fri, 08 Jul 2016
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Delegat revises forecast full-year profit to $37m on record case sales
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