News: TWE UPDATE 1-Australia's Treasury Wine says will operate under three divisions as profit...

(Adds reorganisation details, outlook)

Feb 17 (Reuters) - Treasury Wine Estates (TWE) will reorganise into three new divisions, the company said on Wednesday after posting a 43% drop in half-yearly profit due to heavy Chinese tariffs on Australian wine imports.

The world's largest listed winemaker said it would operate under Penfolds, Treasury Premium Brands and Treasury Americas starting from fiscal 2022.

Treasury Wine said it would also look into a potential divestment of non-priority brands and operating assets, and exit certain leases.

The winemaker said net profit attributable in the half year ended Dec. 31 plunged to A$120.9 million ($93.79 million), from A$211.4 million last year.

The vintner faces the uphill task of diverting thousands of cases of premium wine bottled for its biggest market, China, to other regions after Beijing slapped steep tariffs on Australian wine imports as part of an industry-wide anti-dumping investigation.

Demand for Treasury Wine's portfolio will remain "extremely limited" if the measures remain in place, the company said on Wednesday, adding that it would brace for minimal earnings contribution from China in the second half of the year.

Earnings before interest, tax and other items from its Asia segment fell 28% to A$127.2 million in the half, largely driven by the fall in China sales.

Treasury Wine declared an interim dividend of 15 Australian cents per share.

($1 = 1.2890 Australian dollars)