Treasury Wine Estates has reported a strong rise in profits for its last fiscal year, helped by increased demand from Asia.
For the year ending 30 June 2016, net profit was up to A$179.4m, from A$77.6m last year. The group was helped by a 40% jump in profits across Asia, which outpaced a 64% increase in the Americas, and a 4% increase in Australia.
Treasury Wine has now brought forward its target of profit margin improving to the “high teens” to 2017-18, from 2020 as previously forecast. It also said that “momentum across our business is accelerating”.