China's favorite Aussie wine company posts huge profits

SYDNEY - Australian wine producer Treasury Wines has posted a huge 132.4-percent increase in their half yearly profit on Tuesday, spurred by their performances in China and around the globe.

Treasury's chief executive officer Michael Clarke was thrilled by his company's performance, noting strong growth across the board, with "excellent cash conversion."

"All regions delivered double digit EBITS growth and importantly, growth was delivered sustainably," Clarke said.

Treasury has been capitalizing on the thirst for its wines from China's booming middle class, who are consuming Australian wine in record numbers, with their profits highly attributed to their success in China.

Treasury will pay out a 13 Australian cents dividend to shareholders.