PERTH-BASED retailer and wholesaler Foodland Associated Ltd announced a net profit of $47.3 million for the year to August 1996. The result represented a 10.1 per cent profit fall from the previous year’s $52.6 million gain. Managing director Barry Alty said the fall was not a true indication of the company’s performance because of a $3 million abnormal profit boost to the previous year’s bottom line. At the time, FAL held around 50 per cent of the wholesale grocery market and 10.5 per cent of the retail market in Western Australia and had a significant presence in New Zealand. Mr Alty said the group’s operations in Australia continued to grow, returning $38 million in profit, up from the previous year’s result of $32.6 million. Debt free and with significant cash reserves, FAL was planning to buy back 10 per cent of its stock, equal to 10 million shares worth $51.5 million.
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