Commodities

Australia's Treasury Wine Estates posts 15.4% rise in FY profit

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Reuters
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Australia's Treasury Wine Estates Ltd, the world's largest standalone winemaker, said on Thursday its annual profit rose 15.4%, buoyed by demand from Asia and as more consumers developed a penchant for better-quality expensive wines.

Aug 15 (Reuters) - Australia's Treasury Wine Estates Ltd TWE.AX, the world's largest standalone winemaker, said on Thursday its annual profit rose 15.4%, buoyed by demand from Asia and as more consumers developed a penchant for better-quality expensive wines.

Net profit after tax was A$415.9 million ($280.6 million) in the year, compared with A$360.3 million a year earlier. This missed the average analyst estimate of A$436.3 million, according to Refinitiv Eikon data.

The company declared a final dividend of 20 Australian cents per share, higher than the 17 Australian cents per share declared a year ago.($1 = 1.4821 Australian dollars)

(Reporting by Shreya Mariam Job in Bengaluru; Editing by Maju Samuel)

((ShreyaMariam.Job@thomsonreuters.com; +918067496338; Reuters Messaging: ShreyaMariam.Job.thomsonreuters.com@reuters.net))

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