(Reuters) - The world's largest standalone winemaker, Australia's Treasury Wine Estates Ltd, on Thursday said annual profit more than doubled thanks to growing consumption of mid-market wine by Asia's young middle-class.

As the froth drains out of Asian economies like China, Treasury has found a lucrative market in selling $10-plus bottles of wine to millennial drinkers instead of relying on prestige sales to older, wealthy customers.

"The millennial consumer tends to be a very good target for us," Treasury Chief Executive Michael Clarke told Reuters in a phone interview.

"What we are finding is that a lot of those consumers are moving away from other beverages like beer, spirits and baijiu in China and moving to wine."

The Melbourne-based company, owner of brands such as Penfolds and Wolf Blass, posted annual net profit growth of 131.2 percent to A$179.4 million ($138 million), underpinned by a 76 percent surge in sales by volume to China, Korea and Japan.

Revenue from Asia as a whole, where volume sales rose 40 percent, comprised 14 percent of Treasury's total revenue in 2015-16. Outside Asia, volume sales jumped in Europe by 26.4 percent, but volume growth was more subdued in Australia, New Zealand and the Americas.

Shares in Treasury leapt 11.5 percent on Thursday and are trading at a lofty price-to-earnings multiple of around 67, signalling both the popularity and risks associated with the stock.

"We're dealing with a stock that already trades at a significant premium to the rest of the market. It's good foothold into Asia probably has to do with that good valuation," said Ben Le Brun, a Sydney-based analyst at OptionsXpress.

"In such a fast-growing area of the market it does look as if that's what's underpinned the result."