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Delegat's first-half net profit has fallen 45 percent, dragged down by falls in asset values, though the underlying result rose two percent.
The winemaker's net profit of $9.8 million for the six months ended December has also been hit by the high New Zealand dollar.
Writedowns of the value of Delegat's vines, grapes and hedging contracts reduced the bottom line by $10.7m.
Its executive chairman Jim Delegat said the company maintained its prices in each of its major markets and sales volumes rose 4 percent, but the per-case price in New Zealand dollars fell slightly.
Case sales to Britain, Ireland and Europe fell 6 percent and sales in Australasia remained flat, though sales in North America jumped 19 percent.
In dollar terms, sales rose 3 percent to $134m.
Despite the lower first-half result, Mr Delegat said the company was on target to meet the market's consensus forecast of $34m for the full-year, up 9 percent on the previous year.