French liquor giant Pernod Ricard's local unit widened its annual loss after writing down the value of assets and investments by some $119 million while falling sales and higher costs flattened its margins.
The New Zealand holding company, Millstream Equities, reported a loss of $182.4 million in the 12 months ended June 30, according to financial statements lodged with the Companies Office.
That is up from a loss of $105.3 million a year earlier when it booked a $99 million loss on the sale of local assets including the Lindauer brand.
The liquor company wrote down assets by $19 million and booked a $100 million impairment charge on goodwill in the latest year.
Gross profit almost halved to $39.4 million on an 8.7 per cent fall in sales to $235.9 million as costs were bolstered by under-used wineries and poor weather lowered production.