Smiths City more than doubles 1H profit on insurance payment

Mon, 22 Dec 2014

By Paul McBeth Dec. 22 (BusinessDesk) - Smiths City Group, the Christchurch-based retail chain, more than doubled first-half profit as it recognised a $2.9 million insurance payment to help repair its flagship Colombo St store, though trading remained competitive and underlying earnings decline. Net profit rose to $4.3 million, or 8.52 cents per share, in the six months ended Oct. 31, from $1.9 million, or 3.61 cents, a year earlier, the company said in a statement. Trading profit fell to $2.4 million from $2.7 million, with revenue up 0....

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