Michael Hill profit slumps 86%

Company News

by Rachael Jones

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Last Updated: 19/06/2019 3:21 PM

Jeweller Michael Hill International (ASX:MHJ) reported a statutory net profit after tax (NPAT) of $4.6 million, a fall of 86 per cent for the full year ending 30 June.

This was impacted by a combination of the one-off $25.5 million closure costs for the US and Emma & Roe businesses and a performance deterioration in these segments once the closures were announced.

Excluding these businesses and exit costs, the Group reported NPAT for continuing operations of $34.8 million.

Revenue is up 4.4 per cent to $575.5 million from the prior corresponding period.

EDBITA fell 17 per cent compared to last year to $40 million.

The company declared an interim and final dividend of 2.5 cents per share per period.

Michael Hill International (ASX:MHJ) closed 3.09 per cent higher to $1.00 on Friday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.