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Australian grocery giant Wesfarmers posts strong half-yearly results

Xinhua Financein SYDNEY
2017-02-15 09:03

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Australian grocery and mining giant Wesfarmers posted strong results on Wednesday, with profits and revenue surging on the back of strong half-yearly performance.

Wesfarmers' net profit after tax jumped up 13.2 percent to 1.577 billion dollars (1.210 U.S. billion), driven by robust performances in some of their retail businesses, notably their Officeworks and Bunnings stores, with Bunnings in particular posting a 9.8 percent increase in earnings growth to 770 million dollars. Revenue was also up slightly for the retailer, with an increase of 4.3 percent over the half year, to 34.917 billion dollars.

Managing director of Wesfarmers Richard Goyder said he was pleased with the "strong earnings growth" for his retail conglomerate over the past half year. "Total retail earnings were in line with the prior corresponding period, with very strong results reported for Bunnings, Kmart and Officeworks," Goyder said. "The continued momentum in these businesses was particularly pleasing and reflects the strong market positions they have each established."

The industrial arm of Wesfarmers also reported gains, with Goyder stressing they were also above the corresponding period due to "higher coal prices and strong production in the second quarter," while their chemical division posted a 79.8 percent increase in the half to 187 million dollars.

Wesfarmers will pay a fully franked dividend of 1.03 dollars per share to investors, up 13.2 percent. (1 Australian dollar = 0.77 U.S. dollar)

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