Treasury Wine Estates (TWE) looks to have put its troubles behind it with the announcement of a return to profitability.
The company, which today announced its 2015 full year results, made a net profit after tax of $77.6 million, up $178.5m on the previous year.
TWE said net sales revenue rose 8.4 per cent on a reported currency basis and 3.8 per cent on a constant currency basis.
TWE has been busy overhauling its structure, operating model and cost base since reporting a loss of around $100m last year.
The company's brand portfolio includes Penfolds, Wolf Blass, Beringer, Lindeman’s, Rosemount and Rawson’s Retreat,and it has been selling a number of assets and has reduced its overheads by $40m.
The company said it was continuing to transition from from “an order-taking, agricultural company to a brand-led, marketing organisation”.
TWE says it is also pursuing premiumisation strategy by consistently reducing its holdings of commercial inventory.
