Australian grocery retailer Foodland has posted a 27% rise in first-half net profit to A$60m (US$35.6m), beating analysts’ forecasts.
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The company said the increase in net profit for the six months to 2 February was helped by a strong performance by its recent New Zealand supermarket acquisition, the 85-store Woolworths New Zealand.
“Our latest indications are that fiscal 2003 synergy benefits [from Woolworths NZ] will exceed NZ$26m (US$14.2m), well in excess of the original NZ$10m forecast and we expect these will continue to increase,” Managing Director Trevor Coates was quoted by Dow Jones International News as saying.
Foodland recorded a 51% increase in first-half sales to A$3.22bn.
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