Woolworths gets profit boost from stronger trading, sale of buildings

Woolworths expects its headline profit will be more than 20% higher for the year to end-June, the company said in a trading statement. 

For the six months to end-December, the company reported a 19% increase in profit, with its revenue up 5% to R43 billion, due in part to stand out performance from its food business in South Africa. 

On Tuesday Woolworths said its profit was bolstered by an improved trading performance, as well as the sale of its Elizabeth Street and Bourke Street Mens properties in Australia, which were sold for A$510 million (R5.6 billion) and A$121 million (R1.3 billion) respectively. 

The company will issue a further statement in July. 

After slumping to below R28 during the hard lockdown last year, Woolworths’ share price has almost doubled to its current level of R53. 

Article Source: News24
Article Credit: News24