News: UPDATE 1-Australia's Treasury Wine doubles net profit as Asia demand surges

(Adds volume sales, earnings data)

SYDNEY, Aug 18 (Reuters) - Australia-based Treasury Wine Estates Ltd (TWE), the world's largest standalone winemaker, more than doubled its full-year net profit on Thursday, aided by higher demand from Asia and European buyers.

Net profit came in at A$179.4 million ($137.4 million) for the 12 months to June 30, up from A$77.60 million a year ago, just below an average analysts' forecast of A$181.31 million, according to Thomson Reuters I/B/E/S. The winemaker will pay a final dividend of 12 cents, compared with 8 cents the previous year.

The Melbourne-based company profited from strong consumption in Asia, where its wine volume sales rose almost 40 percent. Volumes also rose in Europe, while the company recorded subdued growth in its Australia and New Zealand division and Americas business.

Since a troubled foray into the U.S. mass market made Treasury Wine a takeover target in 2014, it has been taking its portfolio up-market to widen its margins, including the A$754 million purchase of Diageo Plc's U.S. assets last year.

Earnings before interest and tax came in at A$342 million for the full year, compared with its guidance of A$330 million to A$340 million, including profits from the acquisition of Diageo's assets. ($1 = 1.3058 Australian dollars)