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Vita (ASX:VTG) posts 42% profit gain in FY10

Vita (ASX:VTG) posts 42% profit gain in FY10

Mobile phone and product retailer Vita Group (ASX:VTG) has posted a 42% increase in FY10 post-tax profit on lower expenses and retroactive commission payments from Telstra.

While revenue was down 2% to $291.7 million, margins improved slightly to 35.4% and profit grew to $7.7 million.

The company said it had received payment for historic commissions from Telstra as part of a new Master Licensee agreement with the operator.

But Vita declined to pay a dividend for the year, citing its commitment to debt reduction and the scope of its new store rollout.

VTG shares are today trading 3.3% higher at $0.310.

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Tags Telstramobile phonesfinancial resultsASX:TLSVitaASX:VTG

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