Treasury plunges to loss on writedowns, US wine destruction

By Stephen Letts

Australia‘s biggest listed wine maker, Treasury Wine Estates, has plunged to a $101 million dollar loss weighed down by a massive oversupply in the US market and a weaker Chinese economy.

Treasury is also the subject of a takeover bidding war between two private equity firms which see value in its vast cellar of premium wine brands such as Penfolds, Lindemans and Wolf Blass.

Photo: Treasury Wine Estates is being pursued by private equity firms for its cellar of fine wine labels.

The profit was dragged down by impairment charges relating to the destruction of six million bottles of wine in the US and restructuring costs totalling $280 million - $20 million more than was flagged just two months ago.

Read more here: ABC


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