(Reuters) – Treasury Wine Estates on Wednesday posted a 7.5% drop in first-half profit, hurt by reduced shipments of its Penfolds brand to mainland China after the country slapped tariffs on Australian Wine.
The world’s biggest standalone winemaker said net profit attributable fell to A$109.1 million ($78.01 million) in the six months ended Dec. 31, compared with A$118 million a year earlier.
($1 = 1.3986 Australian dollars)
(Reporting by Tejaswi Marthi and Savyata Mishra in Bengaluru; Editing by Aditya Soni)
