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Reuters
Reuters
Business

Australia's Treasury Wine Estates' profit jumps 55 percent, misses estimates

(Reuters) - Australian winemaker Treasury Wine Estates <TWE.AX> said on Thursday its annual net profit rose 55 percent but it missed analyst estimates as higher costs and unfavourable foreign exchange rates took a toll.

Net profit for the year to June 30 rose to A$269.1 million ($213.26 million) from A$173.3 million a year ago, the company said, compared with analyst estimates of A$288.1 million according to Thomson Reuters I/B/E/S.

The world's biggest listed stand-alone winemaker also announced an on-market share buyback of A$300 million.

($1 = 1.2618 Australian dollars)

(Reporting by Ambar Warrick in Bengaluru; Editing by Byron Kaye and Stephen Coates)

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