Wesfarmers HY profit lifted by strong trading conditions, commodity prices

Wesfarmers HY profit lifted by strong trading conditions, commodity prices

(Reuters) – Australian retail conglomerate Wesfarmers Ltd on Wednesday posted double-digit growth in first-half profit, with robust market conditions aiding performance across segments.

Earnings before tax from the company‘s Bunnings division, which is Australia’s no. 1 hardware chain, stood at A$1.28 billion ($894.34 million) for the six months ended Dec. 31, up 1.5% from a year earlier.

“Solid sales and earnings were reported in Bunnings together with strong earnings results delivered by both Kmart Group and WesCEF (Wesfarmers Chemicals, Energy and Fertilisers),” said Managing Director Rob Scott.

Half-year net profit after tax stood at A$1.38 billion, compared with A$1.21 billion a year earlier. The figure beat analysts expectation of A$1.37 billion, according to Refinitiv data.

The company declared an interim dividend of 88 Australian cents per share, an increase of 10.0% from a year earlier.

($1 = 1.4312 Australian dollars)

(Reporting by Roushni Nair in Bengaluru; Editing by Krishna Chandra Eluri)

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