Oyster Bay Marlborough Vineyards, the New Zealand wine producer, has cut net losses for its fiscal half-year, but the group reported a fall in sales.
Net losses for the six months to the end of December were NZD599,000 (US$416,000) down 28% on the NZD830,000 losses in the same period of 2008, said Oyster Bay today (24 February).
Significantly lower operating costs and a one-off gain on an interest rate swap helped the group to cut losses in a period that traditionally contains the bulk of its annual outgoings.
Net sales for the half-year fell by 3% to NZD3.97m, said the firm.
Grape prices for the coming 2010 harvest are still under negotiation, it said.
Yields of Chardonnay and Pinot Noir are expected to be down on 2009 levels, due to higher than average rainfall and a cool spring.
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