Good Cheer For Avl
The Age
Thursday February 28, 2008
AUSTRALIAN Vintage Limited, formerly McGuigan Simeon, has claimed that it and Australia's ravaged wine industry have "turned the corner".
Australia's second-largest listed wine company reported a 8.2% lift in interim net profit to $643,000, well short of the $15.6 million half-year profit it reported three years ago before the wine glut hit."We think this result demonstrates that the industry is no longer in crisis," chairman David Clarke said. He said AVL was making strong headway with its expansion into higher-yielding branded wines and away from bulk wine. The market was not as convinced. AVL shares fell 3? to $1.46 and are less than half what they were a year ago. -- SCOTT ROCHFORT
© 2008 The Age
