August 14, 2019 / 10:22 PM / 11 days ago

CORRECTED-Australia's Treasury Wine Estates posts 16.4% rise in FY profit

(Corrects paragraph 1 & headline to show profit rose 16.4%, not 15.4%, and paragraph 2 to show net profit of A$419.5 million, not A$415.9 million)

Aug 15 (Reuters) - Australia’s Treasury Wine Estates Ltd , the world’s largest standalone winemaker, said on Thursday its annual profit rose 16.4%, buoyed by demand from Asia and as more consumers developed a penchant for better-quality expensive wines.

Net profit after tax was A$419.5 million ($283.29 million) in the year, compared with A$360.3 million a year earlier. This missed the average analyst estimate of A$436.3 million, according to Refinitiv Eikon data.

The company declared a final dividend of 20 Australian cents per share, higher than the 17 Australian cents per share declared a year ago. ($1 = 1.4808 Australian dollars) (Reporting by Shreya Mariam Job in Bengaluru; Editing by Maju Samuel)

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