Treasury Wine warns of lower profit

Maker of Penfolds flags a dip in earnings after it reduced shipments to the US and faced tough competition locally.

Treasury Wine Estates (TWE) has warned of a fall in first-half and full-year earnings after it increased prices and faced tough competition in Australia while reducing shipments to the United States.

In a statement to the Australian Securities Exchange, TWE said it expects EBITS of $42 million to $46 million in the first half of fiscal 2014, compared to $73.4 million in the prior year on a reported currency basis.

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