Coles reports retail profit uplift | ASX Market Update

1 min read | August 18, 2020 05:51 PM AEST | By Team Kalkine Media

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Coles has reported a lift in its retail profits for the 2020 financial year as shelf-stripping panic buying during the coronavirus pandemic caused a surge in sales The supermarket giant posted a retail net profit of $951 million for the 12 months ending June, a rise of 7.1 per cent compared with the 2019 financial year. Coles’ statutory net profit declined 31.8 per cent to $978 million over the period, with slump largely due to profits related to Kmart, Target and Officeworks, which remained within the Wesfarmers portfolio.

The bank will also not issue a half-yearly dividend to shareholders, saying there is need to preserve capital while the pandemic continues to put downward pressure on the economy. The country’s second-largest bank has posted an unaudited net profit of $1.12 billion for the third quarter of 2020, higher than the 2020 quarterly average of $595 million.

BHP has revealed plans to sell coal assets in Queensland, New South Wales and South America while reporting a dip in full-year profit. This slide is said to have been caused by Commodity price volatility, the coronavirus pandemic and social unrest in Chile, where it operates the world’s biggest copper mine.

#Profits #ASX #Coles #Kalkine

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