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27/02/2013

Wine company profit plunge (NZ)

Foley Family Wines has reported a big loss in profit after a one-off gain in 2011. The firm took over New Zealand Wine Company in September. In the six months to the end of December 2012, Foley Family Wines had $14.8 million in revenue, up 1% on the previous year. Profit fell 95% to $329,000. The drop was because the equivalent 2011 period included a one-off $6.29 million injection, reports Radio NZ News.