Treasury Wine posts FY profit

Treasury Wine Estates (TWE) said it is confident of growth in 2014, after posting a full-year profit largely unchanged from the previous year.

Underlying net profit for the winemaker in the 12 months to June 30 rose slightly to $136.8 million, up 1% from $135.5 million in 2012.

Net income attributable for members was $42.3 million for the period, much higher than the $26.1 million analysts had estimated.

However, earnings before interest, tax, depreciation and amortisation came in at $209.2 mlllion, below market expectations for $216 million.

Sales revenue rose slightly to $1.69 billion, up 2.9% from $1.64 billion in the previous year.

The group will pay a dividend of 13 cents, in line with its 2012 distribution.