Smiths City FY profit halves from year-earlier result bolstered by asset sale; earnings improve

Tue, 20 Jun 2017

By Paul McBeth June 21 (BusinessDesk) - Smiths City Group's annual profit more than halved without the one-off gain from the sale of its Colombo St store in 2016, although underlying earnings jumped from wider margins in its finance division and a smaller restructuring bill. Net profit fell to $2.4 million, or 4.5 cents per share, in the 12 months ended April 30, from $5.6 million, or 10.6 cents, a year earlier when it benefited from a $1.8 million gain on a property sale and $2.5 million of tax credits, the Christchurch-based company sa...

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