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Harvey Norman Holdings Limited (ASX:HVN) has released its half-year results for FY 2019. For the half-year period, the company has reported a net profit after tax and non-controlling interest of $222.77 million which was 7.3% higher than the previous corresponding period (pcp). Further, the company has reported Profit before tax (PBT) of $315.68 million which is 7.5% higher than pcp.
As per the companyâs announcement, the half-year results have reaffirmed the benefits of Harvey Normanâs diversified strategy of operating an integrated retail, franchised, property and digital enterprise as being the most robust, adaptable and flexible model to deliver stable income streams and strong returns to stakeholders.
During the half year period, the company witnessed a trend of strong growth and profitability in its operated retail operations, with a 25.4% rise in profitability offshore to $77.53 million for the current half compared to $61.82 million in the previous corresponding period.
While commenting on the half-year results, the companyâs chairman Gerry Harvey told that the last six months have witnessed outstanding results from the companyâs stores in Singapore and Malaysia. During the half year, the company launched its Flagship Store concept in South-East Asia, and since that, the company has completed the roll-out of the format across all of its eight countries â with the second stage of reformatting the complexes at Auburn in Sydney and at Wairau Park in Auckland finished in late 2018.
During the half year period, the company crossed $3 billion net asset milestone, with the net asset position of the consolidated entity increasing to $3.15 billion as at 31 December 2018. The companyâs total assets have increased to $4.83 billion, up 7.2% on pcp. The companyâs net debt to equity ratio has improved to 22.35% as at 31 December 2018 compared to 25.50% in June 2018 and 24.16% in December 2017.
The companyâs Board has declared a fully-franked interim dividend of 12.0 cents per share which will be paid on 1 May 2019 to shareholders registered on 5 April 2019. As at 31 December 2018, the companyâs property portfolio was valued at $2.93 bn, representing around 93 percent of the total net asset base.
Now, letâs have a glance at the companyâs stock performance and the return it has posted over the past few months. The companyâs stock last traded at $3.600 with a market capitalization of ~$4.2 billion as on 28 February 2019. The counter opened the day at $3.630 and reached the dayâs high of $3.680 with a daily volume of ~6,957,952.
The stock has provided a year till date return of 12.66% & also posted returns of -2.75%, 14.84% & 0.28% over the past six months, three & one-months period respectively. It has a 52-week high price of $4.542 and 52 weeks low of $2.990.
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