Smiths City first-half profit slides 46% on restructuring costs, year-earlier asset sale not repeated

Tue, 20 Dec 2016

By Paul McBeth Dec. 20 (BusinessDesk) - Smiths City Group, the appliance and furniture retailer, reported a 46 percent drop in first-half profit as it faced new restructuring costs and a year-earlier gain on its Colombo St store wasn't repeated, even as underlying earnings and sales rose. Net profit fell to $1.4 million, or 2.6 cents per share, in the six months ended Oct. 31, from $2.6 million, or 4.8 cents, a year earlier, the Christchurch-based company said in a statement. Stripping out $695,000 of restructuring costs and a $1.8 milli...

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