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Delegat's Says FY Profit Rises 24% on Prices, Harvest

Monday 23rd June 2008

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Delegat's Group Ltd, producer of Oyster Bay wine, said full-year profit rose 24% because of a bigger-than-expected harvest, higher prices and the adoption of international accounting standards.

Profit in the 12 months ending June 30 will be NZ$18.5 million, up from the NZ$14.9 million it posted a year earlier, Delegat's said in a statement. Earnings beat the NZ$16.5 million estimate the company made at its annual shareholders' meeting.

The increased harvest reflected new plantings and favorable growing conditions, especially for Sauvignon Blanc from the Marlborough region. That variety is Delegat's biggest seller globally.

The 2008 vintage was 45% bigger than the previous year's, the company said.

Separately, Oyster Bay Marlborough Vineyards Ltd, the grape grower established and 50.1% owned by Delegat's, said it has completed negotiations with its owner over grape prices in the latest harvest.

Oyster Bay said total production rose 71 percent from the previous year to 7,193 metric tons while revenue rose 64% to NZ$15.6 million.

Delegat's stock was unchanged at NZ$1.90 and Oyster Bay was at NZ$2.65.


By Jonathan Underhill

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