3 Min Read
(Reuters) - Treasury Wine Estates plans a major overhaul of its business that includes the likely sale of low priority brands and other assets, aiming to gain at least A$300 million ($230 million) as it reels from the impact of steep Chinese tariffs on Australian wine.
FILE PHOTO: Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray
The restructuring was unveiled on Wednesday as the world’s largest listed winemaker reported a 43% slump in first-half net profit to A$120.9 million ($94 million) and cut its interim dividend by a quarter to 15 Australian cents per share.
3 Min Read
(Reuters) - Treasury Wine Estates plans a major overhaul of its business that includes the likely sale of low priority brands and other assets, aiming to gain at least A$300 million ($230 million) as it reels from the impact of steep Chinese tariffs on Australian wine.
FILE PHOTO: Bottles of Penfolds Grange, a Treasury Wine Estates brand, on sale at a wine shop in Sydney, Australia, August 4, 2014. REUTERS/David Gray
The restructuring was unveiled on Wednesday as the world’s largest listed winemaker reported a 43% slump in first-half net profit to A$120.9 million ($94 million) and cut its interim dividend by a quarter to 15 Australian cents per share.
Reporting season continues with record dividend from Rio Tinto, Webjet loss and Treasury Wines profit slide
Posted
TueTuesday 16
updated
WedWednesday 17
Rio Tinto lifted iron ore shipments and production as demand from China drove up prices.
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Rio Tinto shareholders were set to receive a record dividend after the miner s profit rose 22 per cent.
Key points:
Rio Tinto will pay a final dividend of $US3.09 plus a special dividend of $US0.93 per share
Webjet has reported a half-year loss, while Treasury Wine Estate s profit has dropped 43pc
Westpac says its profit improved and loan deferrals continued to decline
Treasury Wine Estates will retain a "meaningful presence" in China despite experiencing a drop in operating profit of 36.6% in the region in the six months to 31 December 2020.