Stock Track | Treasury Wine Estates Plummets 5.15% Intraday After Dividend Suspension and 46% Profit Drop
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Treasury Wine Estates Ltd (TWE.AU) saw its shares plummet 5.15% during intraday trading on Monday, following the release of its first-half financial results.
The sharp decline was driven by the company's decision to suspend its interim dividend and a 46.3% slump in first-half underlying profit. The wine producer also booked a significant non-cash impairment charge of A$770.5 million on its U.S. assets, reflecting softer consumer demand in its key markets of the United States and China. This resulted in the company's biggest interim loss since its listing in 2011.
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