KEY POINTS:
Oyster Bay Marlborough Vineyards yesterday reported an after-tax profit of $2.8 million in the year to June 30, up from $1.3 million in the same period last year.
The profit was achieved on revenue of $15.8 million, up from $9.2 million last year. The directors have not decided on a final dividend and an announcement will be made later.
The company produced a harvest of 7193 tonnes of grapes, an increase of 71 per cent on last year.
Its interest expense was up 10 per cent and there were also increases in labour, contractor and frost-protection costs, as well as higher rental costs in respect of the company's leasehold properties.
A legal dispute with Peter Yealands Investment, which lost to Delegat's Wine Estate in a battle for control of Oyster Bay, remains unresolved and $104,000 of costs were incurred relating to it.
- NZPA
