Penfolds owner Treasury Wine Estates managed to lift full-year net profit by 5.3 per cent and pay out a higher final dividend of 16¢ per share final dividend, up from 13¢.
Profits in the Penfolds division dropped by 7.8 per cent to $319.3 million, but earnings outside of China climbed by 25 per cent on a constant currency basis as Mr Ford steadily diverts sales into other countries including Thailand, Malaysia and Singapore.The company said Asian sales of Penfolds outside of China increased by 106 per cent. Importantly, margins at Penfolds inched ahead by 0.6 percentage points, to 44.5 per cent. But overall, sales of Penfolds across all of Asia were down 18.
He said the company had made strong progress in tough conditions where the pandemic caused upheaval in the hospitality industry, there had been inflationary pressures, and supply chain disruptions. The Treasury Premium Brands arm, which sells wines including Pepperjack, Wynns and Wolf Blass, lifted earnings by 27 per cent to $79.6 million.
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