The New Zealand Wine Company Ltd has reported a loss in what
it describes as the most challenging year in two decades in
the wine industry.
The loss of $1.898 million in the year to June 30 compared
with a profit of $1.283 million last year. The company said
there were non-cash items in the result attributed to
accounting rules, including a $626,000 increase in the
deferred tax liability due to government budget measures and
also mark-to-market foreign exchange transactions.
Revenue of $13m was up from $12.5m last year. The company is
not paying a final dividend.
Shareholders' equity reduced by $3.3m to $18.63 as at 30 June
2010. The market valuations of vineyard and winery assets
reduced by 13 percent to $16.9m.
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