Australia's Treasury Wine misses financial year profit estimates; sees higher capex [Reuters]
TREASURY WINE EST S/ADR (TSRYY)
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Source: Reuters
Australia's Treasury Wine misses financial year profit estimates; sees higher capex - Reuters 2 Min Read (Reuters) - Australia’s Treasury Wine Estates Ltd ( TWE.AX ), the world’s largest standalone winemaker, reported a lower-than-expected annual profit on Thursday, hit by higher finance costs, and said it expects capital expenditure to increase nearly five-fold in 2020. The Melbourne-headquartered company said it expects growth capex of up to A$135 million ($91 million) in the year, compared with A$27.7 million in 2019. The maker of Penfolds, Beringer and Wolf Blass has been boosting production of its mid-range and luxury products, while exiting less expensive commercial wine production. The company said it plans to invest more in its French assets and continues to focus on its Australian luxury winemaking capacity. Net profit after tax rose 15.4% to A$415.9 million in 2019 from a year earlier, but came in below the average analyst estimate of A$436.3 million, according to Refiniti
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