Treasury Wine Estates (TWE) has posted net profit of A$89.9m ($94.5m) for the full year 2012 (FY12), up 40%, compared to the net profit of A$64.1m ($67.35m) in 2011.

Pro forma earnings before interest, tax, depreciation and adjustments was A$210.2m ($220.10m), a 7.7% rise on a reported basis and 18.6% on constant currency basis, compared to A$195.2m ($205.11m) a year ago.

Net sales revenue per case in 2012 was up by 1.6%, as against in 2011.

TWE CEO David Dearie said he was pleased with the company’s performance, but warned the coming year would be challenging with less premium wine available to meet consumer demand, higher information technology costs and lower inventory levels with US distributor partners.

"Earnings are expected to rebound to above average growth rates the following year," Dearie added.

"Our positive outlook for fiscal 2014 is underpinned by the exceptional wines crafted from the recent 2012 Australian vintage, with almost ideal growing conditions complemented by our viticulturists, wine makers and supply team and the result is a meaningful increase in quality wines."

According to TWE, the 2012 annual results cannot be compared with 2011 figures as the company got separated with Foster’s Group in May 2011.

Dearie added that while volumes declined in its Europe, Middle East and Africa divisions as it exited the heavy discounting end of the UK and Ireland markets, profit from the region was helped by improved pricing and mix.