(Reuters) – Australia’s Treasury Wine Estates reported a 3.3% fall in annual profit on Tuesday, mainly hurt by a decline in wine sales in the United States.
A decline in shipment of premium products and low availability of luxury wines pressured sales at the Treasury America segment, the largest contributor to the winemaker’s revenue.
The Melbourne-headquartered company also said on Tuesday it had appointed John Mullen as chairman, who will succeed Paul Rayner.
The company reported a net profit after tax of A$254.5 million for the year ended June 30, compared with A$263.2 million a year earlier.
It declared a final dividend of 17 Australian cents per share, compared with 16 cents last year.
(Reporting by Nausheen Thusoo and John Biju in Bengaluru; Editing by Shinjini Ganguli and Shounak Dasgupta)
