CANBERA (dpa-AFX) - Treasury Wine Estates Limited (TWE.AX), an Australia-based global wine company, reported a loss for the full year, primarily due to non-cash impairments of U.S.-based assets.
Net loss attributable to Treasury Wine Estates shareholders was A$1.078 billion or 133.4 cents per basic share, compared with a profit of A$436.9 million or 53.8 cents per share in the previous year. The results reflected a A$1.309 billion material items loss, mainly due to non-cash impairments of U.S. assets and brands, including A$558.4 million related to the U.S. supply chain rebalancing.
Net profit after tax before material items and SGARA decreased to A$275.3 million or 34.1 cents per share from A$470.6 million or 58 cents per share last year.
Earnings before interest, tax, SGARA and material items (EBITS) fell 36.1% year-on-year to A$492.3 million.
Revenue declined 12.2% to A$2.626 billion from A$2.990 billion in the previous year.
Return on Capital Employed was 7.9%, down 4.0 percentage points.
The company said it has suspended its dividend to preserve capital and reduce leverage, with a resumption to be considered as leverage trends toward its target level.
On the ASX, Treasury Wine shares rose about 5% to A$5.77 on Thursday.
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