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By Byron Kaye and Sherin Sunny
(Reuters) - Penfolds wine producer Treasury Wine Estates pulled the sale of its cheap drinks division after failing to find an attractive offer and cut its prediction for annual profit, sending its shares tumbling.
The division's weak results and outlook soured an otherwise upbeat first-half result for Australia-listed Treasury as exports to China roared back to life after the end to three years of crippling tariffs imposed by Beijing.
Treasury had planned to of...
>>> Read more: Australia's Treasury Wine drops planned sale of cheaper brands, cuts profit guidance
(Reuters) - Penfolds wine producer Treasury Wine Estates pulled the sale of its cheap drinks division after failing to find an attractive offer and cut its prediction for annual profit, sending its shares tumbling.
The division's weak results and outlook soured an otherwise upbeat first-half result for Australia-listed Treasury as exports to China roared back to life after the end to three years of crippling tariffs imposed by Beijing.
Treasury had planned to of...
>>> Read more: Australia's Treasury Wine drops planned sale of cheaper brands, cuts profit guidance
