New Zealand Wine lifts profit 13 per cent

The New Zealand Wine Company today announced a 13 per cent rise in its full-year profits, thanks to bigger grape harvests.

The company - which is involved in both making and marketing wine - said its after-tax surplus for the June year was $1,026,000, up from $908,000 a year earlier.

The final dividend, however, has been lowered from 5c to a fully imputed 4c a share.

Chief executive Rob White said last month business had lifted on increased grape harvest this year, higher demand in key export markets - especially the United States - and favourable exchange rate forecasts.

Chairman Mark Peters said today recent and predicted growth was based on the quality of the company's products.

"This is the basis upon which we go forward with confidence of continued improvement in the company results and improved returns to shareholders."

Shares in the wine company, formerly known as Grove Mill Wine Company, last traded at a year's high of $2.16, and have hit a low of $1.88 over the year.

- NZPA