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Aussie billionaire's NZ bloodstock business narrows annual loss

NZ Newswire logoNZ Newswire 7/12/2016 Jonathan Underhill
Horse © Getty Images Horse

Australian retailing billionaire Gerry Harvey's local bloodstock business, NZ Thoroughbred Holdings, narrowed its annual loss in 2016 as revenue rose 35 per cent on sales of yearlings and demand for its stallions.

The owner of Westbury Stud posted a loss of $2.9 million in the year ended June 30, down from $6.1m a year earlier, according to its financial statements.

Total income rose to $10.1m from $7.5m, led by sales of yearlings, stud fees and an increase in foals.

Harvey, who is chairman and major shareholder of listed retailer Harvey Norman, owns Australia's Baramul Stud, with more than 1,000 horses, and is also a major shareholder in the Hunter Valley-based Vinery Stud while the Harvey family own the Australian thoroughbred auction house Magic Millions, which has one of that country's richest competitions in the Magic Millions Race Series.

He acquired Westbury Stud, which was established by businessman Eric Watson, in 2009 when he bought out property developer Michael Tololi.

Still, the local losses are chump change for Harvey, who ranked 19th in the 2016 BRW Rich List with an estimated fortune of A$1.99 billion, built up through the Harvey Norman retail chain.

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