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Principale » Metcash CEO to step down

Metcash CEO to step down

26 Juin 2017

The company, which supplies groceries to IGA supermarkets, reported net profit of $171.9 million for the year ending April 30, down from $216.5 million in the same period in 2016.

Earnings grew in Metcash's hardware and liquor businesses, while food was in line with previous year, Metcash said on Monday morning.

"We continued to see positive earnings momentum in both Liquor and Hardware, while in Food the impact of intense competition and weak economic conditions in Western Australia were largely offset by the benefit of the 53rd trading week, Working smarter and other cost savings", chief executive Ian Morrice, said.

Cost savings and an extra week's trading had offset "intense competition" in food sales and hard trading conditions in Western Australia, Metcash said.

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Chinese also are known for their extravagant gambling appetites outside China and coveted by foreign casinos. The employees were taken into custody by Chinese authorities last October and charged earlier this month.

Morrice said "It is a privilege to lead the Metcash business and work with such a passionate team of people who fight for the success of independent family business every day".

The company also declared a fully franked FY17 final dividend of 4.5 cents per share, sourced from profit reserves, while it also announced its dividend reinvestment plan would be suspended until further notice.

Morrice will remain as Group Chief Executive Officer up to the time of appointment of his successor and through a process that ensures a smooth transition.

Metcash CEO to step down