AUSTRALIA: Metcash posts 41% rise in full-year net profit
Australian grocery wholesaler and retailer Metcash Trading has reported a 41% rise in its annual net profit, helped by recent acquisitions which have attracted new customers. Metcash posted net profit for the year to 30 April of A$81.3m (US$53.5m), compared to $57.7m in the previous year. The company, which is 75% owned by South African grocer Metro Cash and Carry, said cost cuts also helped boost profits and forecast 15% profit growth for the current year.
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