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.
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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.
“The group is now well positioned to support its independent retailers against competitive pressures from the national chains and facilitate their future growth,” Metcash chief executive Andrew Reitzer was quoted as saying by Reuters.
Metcash’s biggest business, IGA Distribution, increased its sales 25% year-on-year. Sales at the company’s Campbells Cash & Carry unit, however, slid 1.7%, but core grocery sales rose 6.3%.
To read just-food.com’s recent feature on Metcash, click here.
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