Treasury Wine bounces into the black

Treasury Wine Estates has bounced back into the black, after an overhaul of the wine company stripped out more costs than the firm had forecast. The wine company today posted a net profit of $77.6 million in the year ended June 30, compared with a loss of $100.9m in the previous corresponding period. The firm’s earnings before interest, tax, material items and other accounting adjustments rose 22 per cent compared to the previous year, reaching $225.1m.