(Harpers) - Treasury Wine Estates - the company which owns the Penfolds, Lindemans and Wolf Blass brands - has blamed currency fluctuations for a decline in earnings in the Europe, Middle East and Africa region. But the company also admitted its policy of holding firm on wine pricing had cost it volume losses. Chief executive David Dearie said earnings in the region had declined to A$6.5 million, a figure which would have been on a par with the previous year if currency factors were excluded. He added: "Market conditions were challenging across Europe, with an extremely competitive retail environment and low consumer confidence.