Shares in Penfolds maker Treasury Wine Estates have soared to a record high after the company's half year earnings exceeded expectations, boosted by strong demand in Asia.
Treasury Wine shares gained $1.38, or 17.5 per cent, to $9.28 in response to the company's release late on Thursday of an earnings update.
Its pre-tax earnings in the six months to December are expected to be between $140 million and $150 million, beating market expectations of $120 million.
"Our Asia business performance is particularly pleasing as we benefited from increased shipments to the region ahead of Chinese New Year in February," chief executive Michael Clarke said.
Full year earnings are now expected to be at the upper end of Treasury Wine's forecast range of $270 million to $290 million.
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Treasury Wine's Australian labels include Wolf Blass and Lindeman's, and its US labels include Beringer, Etude and Chateau St Jean.
The company has been cutting costs and streamlining its operations and brands since Mr Clarke took control in 2014.
Treasury Wine will report its complete half year results on February 18.
