Montana profit eclipses last year’s result
, PA Auckland i Montana Wines. Ltd, 'achieved a spectacular rise in profits in the six months to December 31, earning an ! unaudited trading profit of $463,543. i The latest result eclipses last year’s full profit of $72,890, and contrasts with a loss of $110,465 in the previous corresponding period. The directors say that the heavy demand for the company’s products, particularly in the premium table wine section, has resulted in a major reduction in wine stocks. Because of this, sales in the final six months to June 30 are not expected to continue at the same volume. The profit contribution in the second-half is only expected to cover fixed overheads and little, if any, additional profit is expected.
Sales rose 39 per cent to $5.7m. The latest profit is arrived at after deducting all costs iand expenses. It is also before adjusting for a reduction in deferred tax of
$47,948. and unrealised exchange losses of $96,567. After excluding the tax benefit and the exchange loss the total profit ij5414,926. The directors say that thA company's land at which is surplus to current requirements. is being* farmed. This is expected to returfy a profit during the year tq (June 30. but none of this ex-7 ipected return has been included in the latest figures. .. The 1977 vintage will be pate, but indications are that (yields will be greater than ,they were for the 1976 vintage. ' Blenheim vineyards are (expected to yield some 60U. tonnes of Riesling and Ca-» bernet Sauvignon grapes, both of which will produce.' i wines in high demand. I The new winery in Blenf Iheim is nearing completion.' and is expected to cope with the 1977 vintage. It will be‘. opened by the Prime Minister (Mr Muldoon) on April 29. No mention is made of 3 dividend in the latest report The company has not made a dividend payment since it was floated in 1973. Last year’s net profit was the first posted by the cony ipany since it joined the offi. icial lists.
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Press, 18 March 1977, Page 16
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342Montana profit eclipses last year’s result Press, 18 March 1977, Page 16
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