Over the same period, domestic sales of Australian wine have gone down and sales of imported wine had gone up, which had affected the value of vineyards and processing facilities. Australian Vintage, formerly McGuigan Simeon Wines, made a 2007/08 net profit of $1.344 million but struggled in 2008/09 due to problems with water availability and costs, falls in demand for Australian wines and a glut of grapes. The annual loss also came after a $127 million impairment charge following changes made after the company decided the traditional wine company model was not sustainable. Australian Vintage shares were down one cent at 25 cents at 1510 AEDT.