Wesfarmers Profit Results

Australian agricultural, retail and mining conglomerate, Wesfarmers (ASX:WES) has seen a slow profit growth, releasing a reported net profit of $1.6 billion, up 2.8 percent form the previous year. Earnings in the company's resources dividsion fell by 81 percent from higher royalties and lower coal prices in the first three quarters.

Wesfarmers earnings before interest and tax (EBIT) was down 2.6 percent at $2.869, however, excluding the resources business, the EBIt would be up 31.1 percent. Wesfarmers supermarket division, Coles, "continues to make encouraging progress on its turnaround program", with 15.8 per cent improvement in earnings. Earnings rose 10.5 per cent in hardware chain Bunnings, by 79.8 per cent in Kmart, and by 13.8 per cent in office supplies.

Wesfarmers Dividend

Wesfarmers declared a final dividend of 70 cents per share, fully franked, up from 60 cents or 16.7 percent on the previous year. The full year total dividends are $1.25 fully franked.