Australia turns sour for Constellation
Australia turns sour for Constellation
Oct 7, 2010 6
CONSTELLATION Brands, the US group that bought Australia's largest wine business, Hardy Wine Company, in 2003, has booked an operating loss of $US3 million ($3.03 million) for its Australian and European wine operations. Sales were constrained by a higher Australian dollar and tough conditions in Britain.
The dip into the red during the second quarter of the current fiscal year was against a profit of more than $US4 million for its wine operations for the same period last year. Nevertheless, Constellation believes the segment will be profitable on a full-year basis.
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