Australia's Treasury Wine posts 41.5% fall in annual profit
Australia's Treasury Wine posts 41.5% fall in annual profit Aug 13 (Reuters) - Australia's Treasury Wine Estates TWE.AX reported a 41.5% drop in its full-year underlying profit on Thursday, driven by weaker earnings in its Americas division that has been struggling with distribution issues and softer demand.
The country's biggest standalone wine producer posted underlying net profit after tax of A$275.3 million ($194.36 million) for the year ended June 30, compared with a Visible Alpha consensus of A$262.0 million and A$470.6 million a year ago.
The earnings measure excludes material items and volatility from changes in the value of agricultural assets and harvested grapes.
($1 = 1.4164 Australian dollars)
(Reporting by Roshan Thomas and Sneha Kumar in Bengaluru; Editing by Diti Pujara)
((Roshan.Thomas@thomsonreuters.com;Sneha.Kumar@thomsonreuters.com))
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