Coles Holds Dividend Steady, 1st Half Net Profit Falls

By Mike Cherney

SYDNEY--Australian grocer Coles held its dividend steady despite a drop in half-year net profit.

The company said half-year statutory net profit was 589 million Australian dollars (US$385 million), down 8.4% from the prior year. Market expectations were for A$526 million, as assessed by FactSet.

Net profit from continuing activities, however, was A$594 million, down 3.6%. Revenue from continuing activities was A$22.3 billion, up 6.7%. Earnings before interest and tax, or Ebit, from continuing operations were A$1.06 billion, up 0.6%.

Coles declared an interim dividend of 36 Australian cents per share, the same as last year.

Write to Mike Cherney at [e-mail]

(END) Dow Jones Newswires

02-26-24 1713ET