Australian grocery retailer Foodland Associated has reported a 19% rise in full-year profit in line with expectations.
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The company, which is Australia’s third-largest supermarket firm, posted net profit of A$142.7m (US$99.4m) for the year to 1 August, compared to $120.1m in the previous year, reported Dow Jones International News. The results included gains of $39.3m from asset sales.
The company’s New Zealand supermarket chains performed well, but earnings in Australia were hit by fierce competition from rivals Woolworths and Coles Myer.
