Treasury Wine FY profit lifts slightly

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

Net profit for the winemaker in the 12 months to June 30 rose slightly to $136.8 million, up 1 per cent from $135.5 million in 2012.

Revenue for the year came in below the company's July earnings guidance at $209.2 million, a fall of half a per cent from $210.2 million in the previous year, as a $7 million non-cash, unrealised loss of foreign exchange options weighed. 

"As expected, fiscal 2013 was a challenging year for TWE, compunded by tough decisions taken to address excess inventory in the US," TWE chief David Dearie said.

Meanwhile, sales revenue for the year rose slightly to $1.69 billion, up 2.9 per cent from $1.64 billion in the previous year.

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