AFC Group Holdings reports loss amidst sales downturn
AFC Group Holdings (NZX:AFC) announced a net loss of NZ$184,806 for the year ended March 31, 2025, a sharp contrast to the NZ$53,911 profit reported in 2024. Revenues also saw a significant decline, totaling NZ$741,088, a 44% decrease year-over-year. The company attributed the downturn to a significant drop in overseas wine sales, challenging international trading conditions, and a slower-than-anticipated expansion of new business ventures. Total assets stood at NZ$2,129,822, with cash and cash equivalents at a low NZ$3,760, prompting the company to seek further fundraising. Despite the challenges, AFC plans to enhance productivity at its Longview Estate winery, explore opportunities in the Chinese wine market, and expand into new sectors like tourism and prepared dishes. The board has reaffirmed its commitment to navigate the current market volatility and enhance shareholder value through strategic operational initiatives.
This report was generated by FilingReader's AI system from regulatory filings and company disclosures. To request a correction, contact editorial@filingreader.com
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