Metcash Limited
(ASX:MTS) says its net profit for 1H17 has fallen just over 38 percent on the prior corresponding period, coming in at $74.9 million.
The company has faced an increase the the intensity of competition within the supermarket sector, which is it looking to offset with strategic initiatives and efficiency programs.
CEO Ian Morrice pointed to the acquisition of Home Timber Hardware and smaller acquisitions in the liquor business as diversifying the group’s earning base.
Despite headwinds, the business expects 2H17 earnings for its food and grocery business to be greater than the 2HFY16.
In line with previous guidance no FY17 interim dividend has been declared.
