Harvey Norman posts $158m HY profit
February 26, 2010
Harvey Norman Holdings Limited (HVN) this morning said its profit for the half-year to 31 December had soared 59% to $158 million, although remained well down on the $230 million profit in 2007. Profit for the half-year to 31 December had climbed 46.8% to $237.77 million, the company said.
In yet another measure, net profit from its underlying business operations was $171 million, up 38.4% from the previous corresponding business.
Meanwhile, total revenue in the half was $1.31 billion.
Chairman Gerry Harvey said he was pleased with our extremely solid result and we are determinedly optimistic about the remainder of the 2010 financial year.
”The franchising operations segment continued to be the main driver of performance as seen by our franchising operations margin increasing to 6.7% from 5.8% in the HY Dec 2008,” Mr Harvey added.
Mr Harvey also highlighted the recent announcement that it had teamed up with IKEA to build a 72,000 square metre home maker centre at Springvale in Melbourne, expected to open in the first quarter of 2012.
This would to the conglomerates 265 current stores, covering brands such as Domayne and Joyce Mayne.
As the board declared a dividend of 7c per share, up from 5c per share in the previous period, Gerry Harvey said the company was well placed for the future.
At 1125 AEDT, Harvey Norman shares were trading up 9c to $3.86.
In yet another measure, net profit from its underlying business operations was $171 million, up 38.4% from the previous corresponding business.
Meanwhile, total revenue in the half was $1.31 billion.
Chairman Gerry Harvey said he was pleased with our extremely solid result and we are determinedly optimistic about the remainder of the 2010 financial year.
”The franchising operations segment continued to be the main driver of performance as seen by our franchising operations margin increasing to 6.7% from 5.8% in the HY Dec 2008,” Mr Harvey added.
Mr Harvey also highlighted the recent announcement that it had teamed up with IKEA to build a 72,000 square metre home maker centre at Springvale in Melbourne, expected to open in the first quarter of 2012.
This would to the conglomerates 265 current stores, covering brands such as Domayne and Joyce Mayne.
As the board declared a dividend of 7c per share, up from 5c per share in the previous period, Gerry Harvey said the company was well placed for the future.
At 1125 AEDT, Harvey Norman shares were trading up 9c to $3.86.
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