Australian retailer Wesfarmers has announced a net profit rise of 34 per cent for the 2007/08 period, rising to A$1.05bn before charges from A$786m in the year-earlier period.
The group said that the jump was a result of higher prices and booming coal production, where earnings improved by 25 per cent to hit A$423m.
The company outlook is for continuing solid performances across most businesses, with the earnings outlook for resources in 2008/09 particularly strong,' the group said in statement.
Despite the profit increase, shares in the group have fallen 14 per cent in 2008, although comparatively rival group Woolworths has seen a 20 per cent fall.
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