Coles Holds Dividend Steady, 1st Half Net Profit Falls
By Mike Cherney
SYDNEY--Australian grocer Coles held its dividend steady despite a drop in half-year net profit.
The company said half-year statutory net profit was 589 million Australian dollars (US$385 million), down 8.4% from the prior year. Market expectations were for A$526 million, as assessed by FactSet.
Net profit from continuing activities, however, was A$594 million, down 3.6%. Revenue from continuing activities was A$22.3 billion, up 6.7%. Earnings before interest and tax, or Ebit, from continuing operations were A$1.06 billion, up 0.6%.
Coles declared an interim dividend of 36 Australian cents per share, the same as last year.
Write to Mike Cherney at mike.cherney@wsj.com
(END) Dow Jones Newswires
February 26, 2024 17:13 ET (22:13 GMT)
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