Treasury Wines tank on share market

Treasury Wine Estates has issued a profit warning in the wake of weaker than expected sales. Source: AAP

TREASURY Wine Estates has been hammered on the stock market, with its shares falling by 20 per cent after it issued a profit downgrade due to weaker sales in Australia and China.

The company behind Penfolds and Wolf Blass has cut its full year earnings forecast from between $230 million and $250 million to between $190 million and $210 million.

It expects first half earnings, which will be announced in February, to be between $41 million and $46 million, down from $73 million last year.

Treasury Wine shares fell to $3.64, their weakest price in almost two years, wiping $589 million from the value of the company.

Weaker than expected sales in Australia, following the company's decision to lift prices on some products and focus less on Christmas promotions, had contributed to the profit downgrade, it said.

A decline in Chinese demand for premium wine had also hit sales volumes.

Treasury Wine also said it had continued to reduce shipments to the US while increasing investment across the group, especially in Asia.

The profit downgrade is the latest in a string of bad news for Treasury Wine, which last year poured more than $35 million worth of excess or aged commercial stock down the drain in the US.

The controversial move, which was part of a broader $160 million writedown, ultimately led to the departure of chief executive David Dearie.

Law Firm Maurice Blackburn and litigation funder IMF last October announced funding of a class action against Treasury Wine, alleging the company misled the market and breached its continuous disclosure obligations in its communication of the financial impact of over-stocked US distributors to investors.

On Thursday, Maurice Blackburn managing principal Ben Slade said the latest profit downgrade raised "questions of transparency" about the company's operations.

"TWE's announcement this morning suggests that continuous disclosure requirements may not have been complied with," he said in a statement.

"We are confident that the company's shock $190 million downgrade announcement in July last year was indicative of such a breach. It may have happened again."

20.08 | 0 komentar | Read More

MP says give 'measly' $25m to SPC

PRIME Minister Tony Abbott has used the rejection of taxpayer support for fruit processor SPC Ardmona to set an important "marker" for how his government will deal with requests for industry assistance.

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Police given bus CCTV after woman pinned

A woman has died in hospital after being pinned under a bus for two hours in Sydney's CBD. Source: AAP

AFTER the death of two pedestrians on the same day in Sydney, police are urging the public to be more careful crossing roads.

A 51-year-old Granville woman died on Wednesday night after being hit by a bus in Sydney's CBD. She was trapped in its axles for two hours before emergency services freed her and she died only hours after undergoing emergency surgery.

Earlier that day, an 83-year-old man died instantly when he was hit by a truck in Monterey in southern Sydney while crossing the road.

NSW Police Traffic and Highway Patrol operations commander Stuart Smith said the deaths were tragic.

"It was a dreadful day on NSW roads," he told reporters on Thursday.

Superintendent Smith said crash investigators are looking into both accidents, including CCTV footage from the State Transit bus as well as an examination of traffic and pedestrian control records.

"It's a complex calculation that can only be provided once a re-enactment is provided," he said.

Police say the bus was turning right when it struck the woman, and the 70-year-old driver was provided with counselling.

"We believe he is a very experienced driver with the State Transit Authority," Supt Smith said.

He could not comment on whether jaywalking was a factor in the accident but reminded pedestrians and drivers to look out for each other.

"It is a place where we all need to be aware and to keep a proper lookout," he said.

He warned people about the dangers of jaywalking and using electronic devices such as mobile phones and MP3 players.

20.08 | 0 komentar | Read More

Treasury Wines tank on share market

Treasury Wine Estates has issued a profit warning in the wake of weaker than expected sales. Source: AAP

TREASURY Wine Estates has been hammered on the stock market, with its shares falling by 20 per cent after it issued a profit downgrade due to weaker sales in Australia and China.

The company behind Penfolds and Wolf Blass has cut its full year earnings forecast from between $230 million and $250 million to between $190 million and $210 million.

It expects first half earnings, which will be announced in February, to be between $41 million and $46 million, down from $73 million last year.

Treasury Wine shares fell to $3.64, their weakest price in almost two years, wiping $589 million from the value of the company.

Weaker than expected sales in Australia, following the company's decision to lift prices on some products and focus less on Christmas promotions, had contributed to the profit downgrade, it said.

A decline in Chinese demand for premium wine had also hit sales volumes.

Treasury Wine also said it had continued to reduce shipments to the US while increasing investment across the group, especially in Asia.

The profit downgrade is the latest in a string of bad news for Treasury Wine, which last year poured more than $35 million worth of excess or aged commercial stock down the drain in the US.

The controversial move, which was part of a broader $160 million writedown, ultimately led to the departure of chief executive David Dearie.

Law Firm Maurice Blackburn and litigation funder IMF last October announced funding of a class action against Treasury Wine, alleging the company misled the market and breached its continuous disclosure obligations in its communication of the financial impact of over-stocked US distributors to investors.

On Thursday, Maurice Blackburn managing principal Ben Slade said the latest profit downgrade raised "questions of transparency" about the company's operations.

"TWE's announcement this morning suggests that continuous disclosure requirements may not have been complied with," he said in a statement.

"We are confident that the company's shock $190 million downgrade announcement in July last year was indicative of such a breach. It may have happened again."

20.08 | 0 komentar | Read More

MP says give 'measly' $25m to SPC

PRIME Minister Tony Abbott has used the rejection of taxpayer support for fruit processor SPC Ardmona to set an important "marker" for how his government will deal with requests for industry assistance.

You have reached your daily Guest Access
limit of 2^* FREE ARTICLES.

^*Subject to change

20.08 | 0 komentar | Read More

Police given bus CCTV after woman pinned

A woman has died in hospital after being pinned under a bus for two hours in Sydney's CBD. Source: AAP

AFTER the death of two pedestrians on the same day in Sydney, police are urging the public to be more careful crossing roads.

A 51-year-old Granville woman died on Wednesday night after being hit by a bus in Sydney's CBD. She was trapped in its axles for two hours before emergency services freed her and she died only hours after undergoing emergency surgery.

Earlier that day, an 83-year-old man died instantly when he was hit by a truck in Monterey in southern Sydney while crossing the road.

NSW Police Traffic and Highway Patrol operations commander Stuart Smith said the deaths were tragic.

"It was a dreadful day on NSW roads," he told reporters on Thursday.

Superintendent Smith said crash investigators are looking into both accidents, including CCTV footage from the State Transit bus as well as an examination of traffic and pedestrian control records.

"It's a complex calculation that can only be provided once a re-enactment is provided," he said.

Police say the bus was turning right when it struck the woman, and the 70-year-old driver was provided with counselling.

"We believe he is a very experienced driver with the State Transit Authority," Supt Smith said.

He could not comment on whether jaywalking was a factor in the accident but reminded pedestrians and drivers to look out for each other.

"It is a place where we all need to be aware and to keep a proper lookout," he said.

He warned people about the dangers of jaywalking and using electronic devices such as mobile phones and MP3 players.

20.08 | 0 komentar | Read More

Luminaries speak and Sydney sky lights up

MARIE Bashir has given her final Australia Day address as governor of NSW in a ceremony marking the end of official Sydney festivities for the national holiday.

Tens of thousands of spectators packed Darling Harbour on Sunday night to watch the day's celebrations peak with a dazzling fireworks display.

Professor Bashir, who is set to retire in September, sailed into Cockle Bay aboard the Admiral's Barge before taking a lap of honour in front of cheering children waving Australian flags.

She told the crowd Australia Day was an opportunity to rejoice and give thanks but also to commit to helping those who were doing it tough.

"We should not slip into complacency, for there is still much to do to address the challenges of those who need our additional support: the marginalised, those who are coping with poverty," Prof Bashir said.

"As we have done in the past, we should meet those challenges with joy and with success."

Indigenous footballer Adam Goodes, who on Saturday was named 2014 Australian of the Year for his leadership in the fight against racism, delivered a video address.

The 34-year-old spoke about the hard work, discipline and sacrifice it took for him to go from country kid to AFL superstar and said he hoped others could follow in his footsteps.

"I was shy growing up. I've learnt over time, and a large part of that learning is about standing up for things I believe in," Goodes said.

"I really hope people are inspired and find the courage to stand up for themselves in the way that I was able to do."

20.08 | 0 komentar | Read More

NT police search for boy taken by croc

A crocodile is believed to have taken a 12-year-old boy missing from a Northern Territory billabong. Source: AAP

A CROCODILE is believed to have taken a 12-year-old boy missing from a Northern Territory billabong.

Another boy, also 12, swimming in the billabong was bitten by a crocodile, police say.

Police and Park Rangers are conducting a search and rescue mission by land and boat after being alerted to the incident at Kakadu National Park on Sunday afternoon.

Acting Commander Michael White said police believed the missing boy was taken by a crocodile as he and a number of other young boys were swimming in the billabong.

"One other boy, also aged 12, was bitten on the arm by the crocodile and has received medical treatment from attending St John Ambulance members," Mr White said.

20.08 | 0 komentar | Read More

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