Australian retail distributor Metcash has booked a drop in full-year profit.
For the 12 months to the end of April, earnings dropped to A$90m (US$90.4m) from A$241.4m in the prior-year. Metcash blamed the decline on restructuring costs from the acquisition of local retailer Franklins and a A$27.2m loss from discontinued operations.
EBITA, however, rose by 3% to A$12.25bn and sales rose “slightly” it said, to reach A$12.4bn.
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