Business
Treasury Wine Estates has reported a 24 per cent fall in net profit after tax to $175.3 million for the first half of the financial year, citing ongoing impacts of the coronavirus and Chines tariffs for the result.
News
Australia’s largest listed wine company Treasury Wine Estates has unveiled its plan to reduce the impact of harsh Chinese tariffs as its share price continues to slide.
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China has announced an anti-dumping investigation into Australian wine, a move which today smashed the share price of Penfolds owner Treasury Wine Estates and could potentially deal a savage blow to the state’s massive wine industry.
Treasury Wine Estates is considering a plan to split off its flagship Penfolds brand into a separate company by the end of 2021.
Investment giant BlackRock has bought up more than $250 million worth of shares in Australia’s largest wine company in recent weeks.
A 64-bottle collection of Australia’s most famous wine, Penfolds Grange, is expected to fetch a record $350,000 when it is auctioned online this week.
Copycat wine labels impersonating famous brands like Penfolds will be placed on a directory to protect Australian exports.
