Harvey Norman is heading for a second year of double-digit profit growth after delivering a 27.4 per cent rise in net profit to $141.9 million for the December half.
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Group earnings before interest, tax, depreciation and amortisation rose 17.7 per cent to $256.2 million, fuelled by a 44 per cent jump in franchise profits as Harvey Norman cut back on expensive tactical support for franchisees such as rent relief and marketing.
The latest result followed a 36 per cent profit rebound in profit in the December half 2014,and a 23.5 per cent rise in earnings in the September quarter.
Analysts had forecast a net profit of $136 million on sales of $1.39 billion.
Harvey Norman declared an interim dividend of 9 cents, up from with 6 cents previously.
more to come...