<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The owner of the iconic Penfolds Wines, Treasury Wine Estates (TWE), has copped an almost $650 million </span><a href="https://www.9news.com.au/money" rel="" target="" title="loss"><span>loss</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The </span><a href="https://www.9news.com.au/australia" rel="" target="" title="Australian"><span>Australian</span></a><span> company announced today it has scrapped its interim dividend for FY26 after recording a $694.4 million net profit after tax (NPAT) loss as it continues to cut costs in a tough international wine market.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Chief executive Sam Fischer, who has only been in the role since October, said he was confident the company was making progress in strengthening the </span><a href="https://www.9news.com.au/business" rel="" target="" title="business"><span>business</span></a><span> and making hard decisions to ensure its longevity.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>NATIONAL:</span></strong><span> </span><a href="https://www.9news.com.au/national/heavy-rain-to-soak-multiple-states-northern-australia/730f950c-9898-4e2e-9f07-99bc1cf817ba" target="_blank"><strong><span>Half of Australia set for major soaking, millions warned</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Today's results come at a time when we are already making meaningful progress with the decisive actions required to return TWE to a path of sustainable, profitable growth," Fischer said in the announcement to the ASX.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Our focus is firmly on the future to strengthen execution and ensure we build a stronger, more resilient business for the long term.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Treasury Wines Estates portfolio includes popular labels DAOU, Stags' Leap, Pepperjack, Squealing Pig, 19 Crimes and Matua.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/australian-wine-maker-treasury-wine-estates-posts-almost-650k-loss/0162ddfb-1fe5-42e5-85b8-cb2a609b26f0" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Critically, the company suffered $751 million in impairments in its American wine business.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Profit in the Americas was down almost 64 per cent.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>However, Fisher said profits in the second half were expected to improve with the Californian market expected to pick up.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Profits in the Penfolds division alone fell almost 20 per cent, although the company insists the brand remains strong.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Encouragingly, we are seeing our key brands continue to perform in the marketplace and resonate strongly with consumers, reinforcing confidence in the strength of our portfolio and our ability to deliver improved performance as we execute the transformation of the business," Fischer said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><em><span>NEVER MISS A STORY:</span></em></strong><span> </span><em><span>Get your breaking news and 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