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Australia's Woolworths posts 1.7% drop in half-year profit

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Woolworths Group said on Wednesday its first-half profit dropped 1.7 per cent, as stiff competition and deep discounting during the holiday season hurt its performance.

[BENGALURU] Woolworths Group said on Wednesday its first-half profit dropped 1.7 per cent, as stiff competition and deep discounting during the holiday season hurt its performance.

Australia's largest supermarket operator said profit attributable from continuing operations came in at A$887 million (S$819 million), down from the A$902 million it earned a year earlier.

The company declared an interim dividend of 46 Australian cents per share, up from 45 cents a year earlier. 

REUTERS