Bulk wine slump hits Australian Vintage
Bulk wine slump hits Australian Vintage
Mar 1, 2013 6
(TheShout) - Australian Vintage Limited (AVL) has posted a year-on-year decline in net profit after tax for the six months ended December 31, which the company says is due to weaker sales in the UK and US markets.
AVL chief executive, Neil McGuigan, said that while net profit was down from $3.7 million to $3.3 million, the company had experienced growth of 12 per cent across its McGuigan, Nepenthe and Tempus Two labels.
“The result has been impacted by the decline in the lower margin products to the UK and also the higher cost of the 2012 vintage,” McGuigan said.
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