July 8, 2020 / 10:45 PM / a month ago

Australia's Treasury Wine expects 18.5%-20% drop in core earnings on virus hit

July 9 (Reuters) - Treasury Wine Estates Ltd said on Thursday it expects 2020 core earnings to be between 18.5% to 20% lower than the previous year, and withheld guidance for fiscal 2021 citing continued uncertainty from the coronavirus outbreak.

The company said it expects earnings before interest, tax, self-generating and regenerating assets (EBITS) of between A$530 million ($369.99 million) and A$540 million, from A$662.7 million recorded in the year ended June 30, 2019.

The expected result was due to the virus outbreak which had a significant impact on the company’s trading performance across all regions in the second half, Treasury Wines said in a statement to the stock exchange. ($1 = 1.4325 Australian dollars) (Reporting by Rashmi Ashok in Bengaluru Editing by Chris Reese)

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