Harvey Norman profits rise

Photo / Hawkes Bay Today

Electrical retailer Harvey Norman has posted an 8 per cent rise in annual profit, and says it has positive expectations of the year ahead.

Australian-based Harvey Norman reported profit of A$231.41 million ($291 million), up from A$214.35 million in 2008/09.

Harvey Norman's franchisee sales rose during the year from A$5.06 billion to A$5.19 billion, while company-owned sales revenue fell to A$1.345 billion from A$1.441 billion.

Earnings before interest and tax (ebit) rose from A$382.95 million to A$420.1 million.

Earnings per share lifted to A21.78c from A20.18c. Harvey Norman declared dividends for 2009/10 of A14c.