You are using an older browser version. Please use a supported version for the best MSN experience.

Moa trims loss on bigger sales

NZ NewswireNZ Newswire 27/04/2016 Jonathan Underhill

Moa Group narrowed its full-year loss after the beer company increased sale volumes and cut operating costs.

The loss was $2.9 million in the 12 months ended March 31, from a loss of about $5.6 million a year earlier, the Auckland-based company said.

Sales rose 35 per cent to $8.2m.

Moa shares have rebounded since late August last year and traded recently at 66 cents, after a 12-month gain of 78 per cent, although it is still short of its early 2013 highs of about $1.16.

The company changed its strategy in late 2013 to a direct distribution model, shifting focus to the New Zealand and Australian markets, and outsourced much of its production to McCashin's Brewery in Nelson.

The company has grown sales whilst improving margin and decreasing operating costs, said chief executive Geoff Ross.

"Much of the improvements made to operating costs only took effect in the second half of the year. So we look forward to the benefit of these for the full FY17 year," he said.

Moa expects to add South Korea to export markets including Australia, China, Brazil and Singapore. Growth in Australia, its biggest export market, had been considerable said Mr Ross.

The stock was listed at $1.25 in late 2012.

image beaconimage beaconimage beacon