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.