Treasury Wine Estates rejected a Hong Kong-based GMT Research report on Thursday that alleges the company’s profits may have been inflated by as much as 50 per cent over the past two years.
The Australian winery is urging the corporate regulator to look into the report. Next week, TWE will release its full-year results which will also discredit the claims.
“The company confirms that the claims made by GMT Research are false and misleading. The company is referring this matter to the Australian Securities and Investments Commission,” Treasury Wine said in a statement.
Treasury Wine said it provided a full-year guidance and has no further comment. The rebuttal lifted Treasury Wine shares following a 7.7 per cent drop in early trade. At 1510 AEST, they were 0.12 per cent higher at $16.58, according to AAP.
Penfolds unveils 2019 wine collection
This week, Treasury Wine’s Penfolds released its 2019 wine collection. The release celebrates the winery’s 175th anniversary and chief winemaker Peter Gago’s 30th year leading the business.
“Proudly presenting a formidable 2019 Collection, released in Penfolds 175th Anniversary Year. Indeed, 1.75 centuries of trial & error, trial & tribulation, and results!” said Gago on the decades celebration.
It unveiled the 2015-2018 vintage wines including the 2018 Bin 51 Eden Valley Riesling and the 2015 Grange. s