Harvey Norman profit jumps 26pc to $116m in third quarter

Wednesday, 2 Nov 2016 08:18:12 | Thuy Ong

Harvey Norman sign outside a shopping complex in Singapore. (ABC News: Giulio Saggin, file photo)

Electronics retailer Harvey Norman has reported a quarterly profit before tax of $115.6 million, an increase of 25.9 per cent from the same period the year before.

Sales in the September quarter totalled $1.69 billion, a jump of 6.6 per cent from the prior corresponding period.

The company said sales had been positively affected by a 6.2 per cent appreciation in the New Zealand dollar, but negatively affected by a 4 per cent devaluation in the euro, an 18.9 per cent drop in the pound and falls in the Singaporean dollar and Malaysian ringgit.

Nonetheless, the company had turned around the fortunes of its business in Singapore and Malaysia, swinging from a $6 million loss into an $11 million profit in its full-year results.

Total sales among Australian franchisees increased 5.4 per cent, while sales in New Zealand jumped 18.4 per cent and 31.5 per cent in Northern Ireland.

Sales decreased in Slovenia, Croatia and Ireland.

Shares in Harvey Norman were 0.5 per cent higher at $4.995 by 10:57am (AEDT), outperforming the market with the ASX 200 down 1 per cent at 5,238.

In August, Harvey Norman delivered a record $348.6 million profit, a 30 per cent increase on the previous year, buoyed by ongoing strength in the housing sector.

AustraliaPlus

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Harvey Norman profit jumps 26pc to $116m in third quarter

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