Wine company profit plunge

Foley Family Wines has reported a big loss in profit after a one-off gain in 2011.

The firm took over New Zealand Wine Company in September.

In the six months to the end of December 2012, Foley Family Wines had $14.8 million in revenue, up 1% on the previous year. Profit fell 95% to $329,000.

The drop was because the equivalent 2011 period included a one-off $6.29 million injection.

The company said one focus of the first few months since the merger has been to change its structure.

It said bank debt had reduced and a capital expenditure plan for the 2013 financial year will be funded from cashflow and no other financing.

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