Retail in Asia

In Sectors

Woolworths net profit down 16.8pc

Woolworths says its net profit has fallen more than 16 percent, due to the restructure of its Dick Smith chain, and it expects trading conditions to remain subdued for the rest of the year.

The supermarkets giant’s AUD966,9 million (USD1.04 billion) net profit after tax for the six months to 1 January 2012, is down 16.8 percent from AUD1.16 billion in prior corresponding period.

However, revenue was up 5 percent to AUD29.91 billion.