Retail company Metcash (ASX:MTS) boosted its normalized net profit 12.3% to $109.2 million during the six months ending in October, due to strong wholesale sales.
Wholesale revenue grew 6.6% to $5.6 billion, outbalancing the intense competition of the grocery sector, Metcash said.
Its major division, IGA Distribution, boosted its comparable store sales 6.4%. “IGA Distribution continues to be the powerhouse of the Metcash business and is performing well against competition from the two chains,” CEO Andrew Reitzer said.
The company has raised its interim dividend 10% to 11 cents per share, payable January 8.