Australia’s Treasury Wine Rejects Report Alleging It Inflated Profit

www.oann.com | 8/4/2014 | Staff
Traight (Posted by) Level 3
(Reuters) – Treasury Wine Estates Ltd on Thursday rejected a research report that alleged the Australian winemaker had inflated its profits.

Hong Kong-based GMT Research said Treasury’s profits may have been inflated by as much as 50% over the past two years.

World - Standalone - Winemaker - Acquisition - Accounting

It alleged that the world’s largest standalone winemaker used acquisition accounting to write down inventories, and raised concerns about the difference between operating cash flow and profit.

Treasury Wines said in a statement to the Australian Securities Exchange the report was “false and misleading”, and that it would respond specifically to the claims when it announced its preliminary annual results on Aug. 15.

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