NZ Wine company lifts half year profit

Alternative exchange listed The New Zealand Wine Company said today it had lifted its December half year net profit by 19 per cent to $414,000.

The company is forecasting a similar second half to the first.

Operating revenue rose 25.3 per cent to $4.2 million and the pre-tax operating surplus rose 24.1 per cent to $617,000.

Chairman Mark Peters said significant additional investment had been made in brand building during the half year.

"Without this, the surplus would have been higher, but such investment is seen as part of a foundation for future growth.

"This, along with continued concentration on consistent quality of production should see the company well placed to meet future growth targets in both revenue and surplus over ensuing years" he said.

The company confirmed that an intention to pay a fully imputed interim dividend of 2 cents per share in April 2005.

NZ Wine's shares last traded at $2.00, having traded between $1.90 and $2.42 in the last year and after listing at $2.50 in November 2003.

- NZPA