Foley Family Wines, which is controlled by American billionaire Bill Foley, said full-year operating earnings more than doubled on increased sales of bottled wine in Australia and New Zealand, and a "modest" profit from a growing pool of bulk wine.
Operating earnings before revaluations and tax rose to $3.5 million in the 12 months ended June 30, from $1.2 million a year earlier, the Blenheim-based company said.
Sales jumped 20 per cent to $37.2 million, outpacing a 12 per cent gain in expenses, excluding interest, to $32 million.
Net profit dropped 62 per cent to $1.2 million, on valuation adjustments to financial assets and harvested grapes.
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The winemaker, which has vineyards in Marlborough and Martinborough and links to wine distributor Eurovintage, lifted total sales of bottled wine by 4 per cent to 396,000 cases last year, for a net realisation that rose 4.4 per cent to $71 a case.
However, sales of bulk wine also soared as a result of the record 2014 vintage, which it said was "challenging" for the whole industry, and resulted in a price for bulk wine falling below $3 a litre. In total, it sold the equivalent of 91,557 cases as bulk wine this year, up from 55,000 cases a year earlier.
"We were pleased that all bulk wine sold was at a profit, albeit a modest one," the company said.
The company's shares, which are listed on the NZAX, closed unchanged yesterday at $1.40.
• $37.2 million sales, up 20%.
• $1.2 million net profit, down 62%.
• $3.5 million operating earnings, up from $1.2 million.