Australian grocery retailer Foodland Associated Limited has reported a A$87.8m (US$67.7m) profit before tax for the first half ended 30 January 2005, compared with $125.6m for the same period a year earlier.
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Sales were $3,197.2 compared with $3,090.4m in the year earlier period. Foodland said its profit after tax figure of $53.2m, compared with 77.8m in the year earlier period, represents a rise of 5.6% after adjusting for non-recurring items.
“Regardless of corporate activity, FAL’s trading divisions continued to focus on delivering operating results in competitive trading environments,” said group managing director Trevor Coates.
Metcash Trading Limited has made a takeover bid for Foodland. Foodland’s directors have recommended that it be rejected.
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