Penfolds owner Treasury sees hope despite profits slide

news  %tages Penfolds owner Treasury sees hope despite profits slide

Treasury Wine Estates has eased pressure on sales in the past six months by bringing forward the 2010 vintage release of Penfolds luxury wines, but profits subdue sank by 60%.

Treasury's chief executive, Michael Clarke, re-iterated that the Australian wine companionship was in a 're-set year'.His observations came after Treasury reported a 60% slump in net profits, to A$42.6m, for the first half of its financial year, to the end of December. Profits fared terribly due to a $20m tax payment for the six months, which followed a $70.6m tax subsidy in the same period of the previous year. Profits previous to interest and tax rose by 63%.Clarke used the pre-tax earnings increase and sales facts to contend that the companionship has begun to turn things around, after falling into the red in its last financial year. Net sales for the six months to the end of December rose by around 9% versus the same period of 2013, to A$882.7m. A choice to shift the annual release date of the group's luxury wines, including Penfolds Grange, lifted sales, the firm said. The 2010 vintage was released in October. Earlier, new vintages of luxury wines were released in either Development or May.Clarke said Treasury was extending a promotion it ran in Australia in 2014, which offered a cut-fee Vintec wine fridge to consumers who bought a six-bottle case of its luxury wines. The deal was being extended internationally, said Clarke, without naming the specific countries involved.Clarke also said Australian wineries had been helped by a recent weakening of the Australian dollar versus the US dollar.

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