Cloudy Bay, the byword for New Zealand sauvignon blanc among discerning American and British wine drinkers, has reported a doubling in annual profits.
Cloudy Bay Vineyards returned an after tax profit of $14.5 million for the year to December 2008, up from $7.6 million in 2007.
The Marlborough winemaker's revenue for the year was $42 million, up from $31 million the previous year.
Meanwhile its French parent, Louis Vuitton Moet Hennessy, has just reported a 17 per cent fall in revenue in its wines and spirits division for the first half of 2009.
Overall the luxury goods company delivered a 23 per cent drop in interim profits.
Cloudy Bay's annual report for 2008 was only filed with the New Zealand Companies Office last week.
The company harvested 2523 tonnes of grapes in the year to December.
It is listed by New Zealand Winegrowers as a medium-sized winery, which the industry body categorises as those selling between 200,000 to 4 million litres of wine a year.
Cloudy Bay also produces other varieties of wine including chardonnay, pinot noir and riesling.
* Price check
£3.99 ($9.72) NZ sauvignon blanc has become available in the UK for the first time.
winedirect.co.uk is selling Cloudy Bay's 2008 sauvignon blanc for £19.95 ($48.65).
Local retailer Glengarry currently has the wine at $35.15.
Silver lining for Cloudy Bay while profits fall in France
Photo / Supplied
AdvertisementAdvertise with NZME.
