Shares in Treasury Wine Estates have been halted from trade as management reviews the wine maker’s financial results for the first half of the financial year.

The owner of the Penfolds and Wolf Blass brands said preliminary financial results, and any implications for its forecasts for the full year, were being reviewed.

Treasury Wine has forecast pre-tax earnings in 2013/14 of between $230 million and $250 million, up from $216 million in 2012/13.

But the company has previously said earnings in the first half of 2013/14 are expected to be lower than in the prior year due to lower US shipments and increased brand investment in Asia.

An excess of stock in Treasury Wine’s key United States market contributed to $153.4 million in costs in the 2012/13 financial year, and the decision to dispose of excess wine led to the exit of chief executive David Dearie.

Treasury Wine shares last traded at $4.55.