Metcash back in profit but underlying sags
Metcash has swung to a $192.8 million full-year profit after cycling through its South Australian contract impairments, but a decline in food earnings and higher finance costs weighed on the IGA supermarket supplier's underlying result.
Revenue for the 12 months to April 30 rose 1.8 per cent to $12.66 billion but earnings declined 1.4 per cent to $330 million as growth in hardware and liquor failed to fully offset a decline in food.
Underlying profit fell 3.0 per cent to $210.3 million.
Metcash, which slipped to an impairment-driven $150 million loss in the previous financial year, held its final dividend at a fully franked 7.0 cents per share.