News: TWE UPDATE 1-Australia's Treasury Wine half-year profit jumps on Asian demand

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Jan 31 (Reuters) - Australian winemaker Treasury Wine Estates (TWE) said on Wednesday its half-year profit rose 37.4 percent, supported by strong demand in Asia.

Net profit after tax for the half-year ended Dec. 31 rose to A$187.2 million ($151.3 million) from A$136.2 million a year earlier, the company said.

While wine volumes rose more than 60 percent in North Asia, half-year revenue fell about 2.3 percent, hurt by lower sales in the United States and UK. However, the dip in revenue was offset by cost saving initiatives that paid off during the period.

Treasury Wine Estates estimates that the recent enactment of the U.S. Tax Cuts and Jobs Act will result in earnings per share accretion of about 2 to 4 percent in the second half of 2018.

The world's biggest listed standalone winemaker declared an interim dividend of 15 cents per share, up from 13 cents a share a year earlier. ($1 = 1.2375 Australian dollars)