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Wesfarmers posts 83pc drop in profits, flags challenging conditions
Wednesday, 24 Aug 2016 07:30:21 | Stephen Letts
Wesfarmers, which owns supermarket retailer Coles, has posted a full year net profit of $407 million — an 83 per cent drop from the $2.44 billion posted last year.
The conglomerate has warned market conditions in the mining sector are expected to remain challenging in the near term, while competition in the retail sector is expected to remain robust.
The profit was dragged down by heavy — but expected — impairment charges of $1.84 billion against Wesfarmers' Curragh coal mine and struggling Target department store chain.
Excluding the writedowns, underlying profit fell 3.6 per cent to $2.35 billion, slightly ahead of market expectations.
The drop in underlying earnings forced a 7 per cent cut in dividends with the full year payout being pulled back from $2 a share to $1.86.
More to come.
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