Smiths City profit drops by 71.5pc

Christchurch retailer Smiths City Group yesterday reported a 71.5 per cent slide in annual profit and cut its final dividend to 1c a share from 3c last year.

The profit after tax of $1.01 million in the 12 months to April 30 was down from $3.562 million last year.

Last year's result included a $606,000 profit on the development of the company's Gore store.

This year a similar development of the Gisborne store was sold for book value.

The profit was achieved on a 10 per cent fall in operating revenue to $227 million.