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Palandri reports $2.2m profit

AUSTRALIAN Securities Exchange-bound wine producer, Palandri Ltd, has reported a 2006-07 net profit of $2.2 million, with the bulk of its revenue generated from managed investment scheme fees and asset revaluations. Total revenue was $54.5 million, of which sales from bottled and bulk wine comprised $4.7 million. Palandri generated gross profit from bottled wine sales of $656,566, but posted a loss of $296,400 on the sale of bulk wine. Chief executive Darrel Jarvis said in a statement the winery had successfully focused on improving its margins and was realising an increase in the average price per case and average price per bottle. The Margaret River winery’s net profit of $2.2 million was down 47 per cent on the $4.2 million profit it posted last year, a result which benefited from a restructuring of the group’s activities. The business has again restructured its books in a bid to simplify its structure ahead of a stock market float, which it has flagged could be pushed out to early in 2008. Palandri delisted from London’s Alternative Investment Market almost a year ago with a view to list on the Australian stock market this year. The company recorded $24.2 million in revenue from wine production and marketing fees related to its managed investment schemes, up $3.3 million on last year. It has also revealed that it has entered into an agreement with a “significant creditor to settle amounts due at the balance sheet date”. The company said the settlement was conditional upon its ASX listing and if conditions of the settlement were not met the creditor had the right to purchase, via an option agreement, key viticultural assets of the group. Mr Jarvis said it had taken longer than anticipated to restructure Palandri’s existing operations into a more traditional wine company, something it needed to do before listing on the ASX.

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