Profit down at Heytesbury Holdings

Profit at pastoral and winery business Heytesbury Holdings fell more than 57 per cent in the year to December 2016, to $11.7 million, on the back of lower revenue.  

Heytesbury Holdings operates the Vasse Felix winery and six cattle stations across northern Australia.

That includes Flora Valley in the Eastern Kimberley, which has 42,000 head of cattle, and Victoria River Downs in the Northern Territory, with 33,000 head.

According to the company's annual report filed with the Australian Securities and Investments Commission, the total assets are valued at $322 million.

The entity was the holding company of 1980s Perth entrepreneur Robert Holmes a Court, and is now controlled by his son, Paul Holmes a Court, who became the sole owner in 2008.

Revenue fell 20 per cent to be $51.8 million in the year to December, driven in part by a fall in the market value of livestock across the year, the report said.

Cost of goods and livestock sold was also higher, up around 13 per cent to $31.6 million.

Heytesbury has sought to expand its interests this year, with the company buying a 9.5 per cent stake of live export business Wellard from Pakistani business Butt Nominees in March.

That was just days before Hong Kong-based Ever Blooming International bought a 6.3 per cent stake in Wellard for $5.1 million.

On the viticulture side of the business, Vasse Felix bought 38 hectares of land from Watershed Premium Wines for $3.3 million about two and a half years ago.