Delegats' earnings, profit fall

Published: 4:32PM Friday February 26, 2010 Source: NZPA

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Delegats Group Ltd has reported a 12% decline in net profit to $13.85 million in the six months to December 31.

Earnings before interest, tax, depreciation and amortisation fell 20% to $27.5 million. Revenue rose 6% to $134.92 million.

The company said it had a significant doubtful debt from a major United Kingdom retailer that was placed in administration.

Sales and promotion costs also helped push operating costs up 16%.

The company was not paying an interim dividend and it expected the current challenging business environment in the New Zealand wine industry to prevail for the rest of the 2010 reporting year.

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