Oyster Bay cuts back half-year loss by 25pc

Marlborough vineyard Oyster Bay reduced its net loss for the first half year to a $697,000 deficit.

For the six months to December, Oyster Bay's operating loss was nearly 25 per cent smaller than a year earlier. The company's revenues occur in the second half of the year after the sale of its grape harvest.

Operating expenses rose 19 per cent to $296,000 and interest costs also rose, up 10 per cent to $843,000.

The vineyard faced a decline in yields because of poor weather in December, predominantly affecting the set of sauvignon blanc fruit.

Oyster Bay shares closed down 5c at $2.35.