sydneyaustraliabased vintner treasury wine estates ltd said net profit rose 5 in the 2022 fiscal year reflecting strong performance of its premium and luxury portfolios as consumers continue to favor higherpriced higherquality wines net profit after tax in the year ended june 30 was 2632 million australian dollars us1826 million stripping out material and other items net profit was a3226 million a 4 rise earnings before interest tax and other items or ebits rose about 3 to a5237 million though net sales revenue fell about 4 to roughly a247 billion the company declared a final dividend of 16 australian cents per share an increase of 23 on the prior years final dividend looking ahead treasury said it expects to deliver strong growth and continued ebits margin expansion in the 2023 fiscal year it said the longterm financial objective remains to deliver sustainable topline growth high singledigit average earnings growth and a group ebits margin target of 25 or more group ebits margin in the 2022 fiscal year was 211 an expansion of 13 percentage points the company added that demand for premium and luxury wine is expected to remain strong though supply chain and inputcost inflationary pressures are expected to continue it added that it implemented further cost increases within all division for the 2023 fiscal year we have returned to delivering margin accretive earnings growth in a year where we managed through the effective closure of the mainland china market materially reshaped our treasury americas division and navigated a global macroeconomic backdrop that included the global pandemic significant supply chain disruptions and inflationary cost pressures said chief executive tim ford china had been a key market for the company but a diplomatic spat between the australian and chinese governments resulted in the effective closure of the chinese market to australian wine