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 7.8 per cent to $319.3 million, but earnings outside of China jumped 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 more than doubled. Importantly, margins at Penfolds inched ahead by 0.6 of a percentage point, to 44.5 per cent. But overall, sales of Penfolds across all of Asia fell 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.“We have returned to delivering margin accretive growth in a year where we managed through the effective closure of the mainland China market,” he said.
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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