Richard Goyder CEO, Westfarmers. Photo: Peter Braig
Wesfarmers' full-year profit slumped by more than 83 per cent to $407 million as big losses from its coal division and its retail problem child Target savaged its earnings.
Underlying profit excluding the $2 billion in losses and write-downs from the company's Curragh coal mine and the Target chain came in 7.7 per cent weaker at $2.25 billion, falling short of analyst expectations.
Analyst consensus estimates forecast the conglomerate's full year net profit after tax would fall 6 per cent to $2.29 billion.
Wesfarmers announced an final dividend of 95¢, taking the total 2016 dividend to $1.86 payable on October 5. That's down from $2 payout for the previous financial year.
more to come
This story first appeared on The Sydney Morning Herald
