Delegat’s Forecasts 29% Jump in Profit

Delegat’s Forecasts 29% Jump in Full-Year Profit

Dec. 2 - Delegat's Group, which controls the Oyster Bay wine brand, said profit may rise 29% this year amid demand for its products in export markets.

Full-year profit may rise to about $25 million, managing director Jim Delegat told shareholders at their annual meeting.

“The group continues to experience strong trading conditions,” Delegat said.

First-half profit will be about NZ$15.5 million, up from NZ$6.4 million a year earlier, on sales of NZ$112 million, he said.

The company’s stock was unchanged at NZ$2 and has fallen 20% this year, outperforming the NZX 50 Index’s 34% slide.

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