News: TWE UPDATE 1-Australia's Treasury Wine annual profit rises, raises dividend

(Adds details on results, CEO comment, background)

Aug 19 (Reuters) - Treasury Wine Estates (TWE) posted a near 2% rise in annual profit and increased its dividend on Thursday, as the world's biggest listed winemaker ramped up business outside China to cushion a hit from hefty tariffs in the lucrative market.

Net profit attributable for the year ended June 30 rose to A$250 million ($180.95 million) from A$245.4 million reported last year. It, however, missed a Citi estimate of A$313 million.

"The short-term impact of the COVID-19 pandemic on trading conditions in our key markets remains uncertain, despite recent reopening in on-trade channels and improving trade through cellar doors," Chief Executive Tim Ford said.

The company said its was upbeat on outlook for fiscal 2022 across its key markets outside mainland China.

Treasury had raised its operating profit outlook in May as it re-directed supply of its prized Penfolds label to the United States, Europe and domestically to allay a hit from tariffs that effectively closed the Chinese market to Australian wine.

The winemaker said core annual earnings from the Americas region surged 23%, while it jumped 10% in Australia and New Zealand.

The Melbourne-based firm declared a final dividend of 13 Australian cents per share, compared with 8 Australian cents last year.

($1 = 1.3816 Australian dollars)