New Zealand Wine Company 'significant loss'
New Zealand Wine Company 'significant loss'
Sep 12, 2011 6
The New Zealand Wine Company has multimillion dollar losses for 2011 - a sign of the wider financial malaise facing the country’s wine industry. NZWC, which produces the Marlborough eco-brand Grove Mill, reported a loss of NZ$3.18m (£1.63m) in the year to June 2011 in addition to a shortfall of NZ$1.89m (£97,000) the previous year.
Chief executive officer Rob White said, 'the combination of the over-supply of grapes, a strong NZ dollar and the global financial crisis has put intense pressure on revenue, margin, net earnings and cash flow management for all NZ wineries and grape growers and has resulted in NZWC posting a significant loss.'
Comments