Australia's Treasury Wine rejects report it inflated profits by $200 million

Treasury Wine Estates rejected on Thursday a research report that alleged the Au...

) rejected on Thursday a research report that alleged the Australian firm may have improperly inflated its pretax profits by as much as 50% over the past two years, or by about A$300 million cumulatively.

The report alleged that the maker of Penfolds, Wolf Blass and Lindemans wines wrote down the acquired inventory from the Diageo deal to inflate future profits. Treasury Wine bought the British company’s local and U.S. wine units. It did not respond to separate questions from Reuters about the specific allegations made in the report.

“It seems likely that TWE has taken advantage of acquisition accounting with the purchase of Diageo Wine to inflate profits... although the benefits are now likely winding down,” GMT wrote.

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