(Bloomberg) - Treasury Wine Estates Ltd. (TWE), Australia’s largest winemaker, posted first-half profit that beat analyst estimates as it cut costs and benefited from one- time items even as sales declined. Net income rose 31 percent to A$52 million ($53 million) in the six months ended December from A$40 million a year earlier, the Melbourne-based company said in a regulatory statement. That exceeded the A$47 million median estimate of six analysts surveyed by Bloomberg News. Treasury has been buying and leasing land and planting and grafting new vines to develop higher-margin wines as demand for premium vintages surges.