Treasury Wine Estates TWE.AX issued a profit warning on Thursday, forecasting a drop in operating earnings for the full year, as the world's largest listed winemaker reels from the impact of steep Chinese tariffs on Australian wine.
The company said it expects earnings before interest, tax, SGARA and material items (EBITS) of A$495 million to A$515 million ($382.64 million to $398.10 million) for 2021, down from A$533.5 million a year earlier.
The range, however, was ahead of market expectations, Goldman Sachs analysts said, and shares rose 3.5% in a subdued broader market .AXJO.
Treasury has had a difficult 18 months as the COVID-19 pandemic halted consumption of premium wines in restaurants, while the Chinese market has been effectively closed to Australian wine due to high tariffs imposed by Beijing.
編輯：Frida Xu
