Wine Company warning

The New Zealand Wine Company reported a 37 per cent fall in profit in a year it regarded as a watershed for the wine industry.

The producer of Grove Mill and Sanctuary branded wines warned of the potential commoditisation of Marlborough sauvignon blanc through the sale of bulk wine.

It reported net profit after tax of $1.28 million in the year to June 30, down from $2.04 million in the same period last year.

- NZPA