$1.05bn Wesfarmers net profit for 2005-06

WESTERN Australian industrial giant Wesfarmers Ltd has announced a record $1.05 billion net profit for the 2005-06 financial year. The company, which owns Bunnings, CSBP and the Curragh coal mine in Queensland, posted a 49.3 per cent rise in net profit following earnings improvements across most of its divisions. Despite the strong performance, Wesfarmers warned of a lower result this financial year, mainly because its energy division could be affected by a fall in coal prices and high costs across the industry. The 2005-06 result included booking a pre-tax profit of $235 million from the sale of the Australian Railroad Group to Queensland Rail. Group operating revenue increased to $8.9 billion, up from $8.2 billion, with the coal division generating a 44.3 per cent rise in revenue to $1.68 billion.