Australian Treasury Wine first-half profit drops 7.5%

Bottles of Penfolds Grange wine and other varieties, made by Australian winemaker Penfolds and owned by Australia’s Treasury Wine Estates, sit on shelves for sale at a winery in the Hunter Valley, north of Sydney, Australia , February 14, 2018. REUTERS/ David Gray

Feb 16 (Reuters) – Treasury Wine Estates (TWE.AX) reported a 7.5% drop in first-half profit on Wednesday, hurt by reduced shipments of its Penfolds brand to mainland China after the country imposed tariffs on Australian wine.

The world’s largest self-contained winemaker said attributable net profit fell to A$109.1 million ($78.01 million) in the six months to December 31 from A$118 million a year earlier. early.

($1 = 1.3986 Australian dollars)

Reporting by Tejaswi Marthi and Savyata Mishra in Bengaluru; Editing by Aditya Soni

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