Harvey Norman profit up 20 per cent

Australian electrical and furniture retailer Harvey Norman Holdings Ltd said its year profit increased 19.8 per cent boosted by consumer demand for new technology products.

The company said net profit for the year ended June 30 was A$229.56 million ($271.4 million) from A$191.6 million a year ago.

Market forecasts averaged A$233 million, including property revaluations, according to four analysts surveyed by Reuters.

Harvey Norman's major market is Australia where its stores are run as franchises. It has more than 20 stores in New Zealand and has expanded in Ireland and Slovenia. It also has stores in Singapore and Malaysia through a separate company and a major shareholding in Australia's Rebel Sport Ltd. .

The retailer's shares had added about 16 per cent this year to Tuesday's close of A$3.39, while the broader market had added about 4 per cent.

- REUTERS