Oyster Bay Marlborough Vineyards has reported a decrease of nearly 10% in volume for this year's grape harvest.
The Marlborough grape grower says its total production for the year is 5,652 tonnes on the 2009 harvest but in line with planned production volume after a good growing season in the region.
The vineyard has completed negotiations with Delegat's Wine Estate Limited on prices for the harvest and acheived an average price across all grape varieties of $1,469 per tonne.
The market value of Marlborough grapes has declined significantly over the past year as a result of over-supply throughout the industry, the grower says.
Oyster Bay's independent directors say they consider the prices received to be commercially fair to the minority shareholders.
Total revenue received was $8,305,000, a decrease of 28% on the previous year, resulting in a forecast end of year operating loss after tax of approximately $900,000 before adjustments.
