Cook Wine profit halved

Press, 9 March 1982, Page 22

Cook Wine profit halved

The unaudited net profit of Cook New Zealand Wine Company, Ltd,, for the six months ended December 31 was more than halved — from $289,874 to $122,073 - the directors report. They say . that, although demand for the company’s, products continued at a. strong level, higher, costs, including new product and export development incurred by the company in the first half year, have had an adverse effect upon the result. Expense levels generally have increased considerably above last year, but, with the

exception of interest, were in line with budget. Depreciation for the half year rose $60,118 to $161,039. Benefits arising from the development expenditure will occur in the second half and subsequent periods. ' . The directors expect that in the second six months, . given reasonable trading conditions, satisfactory profits will be achieved for the full . year. An interim dividend of 5‘ per cent will be paid from the share premium account to those shareholders who so elect and it will be free of tax in their hands.