Australia's Treasury Wine Estates said on Tuesday it was well positioned to deliver growth in fiscal 2024 after the winemaker reported a 3.3% fall in annual profit, mainly hurt by lower sales in the United States.
Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray/File PhotoHopes for lifting of Chinese tariffssaid on Tuesday it was well positioned to deliver growth in fiscal 2024 after the winemaker reported a 3.3% fall in annual profit, mainly hurt by lower sales in the United States.
Treasury said continued improvement in Australian and Chinese relations after a years-long diplomatic freeze could see a lifting of Chinese tariffs on Australian wine. Australia's largest wine maker reported a net profit after tax of A$254.5 million for the year ended June 30, compared with A$263.2 million a year earlier, with a fall in premium products shipments and low availability of luxury wines pressuring sales at Treasury Americas.challenging market conditions and a weak consumption outlook for its commercial-grade wine, especially in Australia and Britain, which it reiterated on Tuesday.
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