Metcash Limited
(ASX:MTS) has lifted its half year net profit by 20.6 per cent to $98.9 million and says it recorded modest growth in tough conditions.
The profit lift reflects a reduction in discontinued operation costs as the exit from its Franklins retail operations has now been completed.
The result also includes strong performance in liquor and earnings accretion from acquisitions in its automotive division.
CEO Ian Morrice says despite the lift in profits, the major supermarket chains have persisted to distort the market with cross subsidisation through their domination in grocery and fuel.
Metcash will pay shareholders a fully franked interim dividend of 9.5 cents.
