Michael Hill interim profit dips

Jewellery retailer Michael Hill has reported a net profit of A$16.2 million (NZ$17.5m) for the six months to December 31, 2013, down 26 per cent from the previous corresponding period.

Operating revenue was $270m, up 9.8 per cent.

Shareholders will receive an interim dividend of 2.5 cents a share, payable on April 1.

Chairman Michael Hill said the board was ‘‘satisfied with the overall performance’’ and ‘‘remain[ed] confident in the continued growth and profitability of the group’’.

more to come

Fairfax Media