Harvey Norman has reported a 36.5 percent drop in net profit to $81.9 million for the first six months of fiscal 2013.
Revenues from company-operated operations, predominantly retail stores, fell almost $120 million to $670 million, while income from other activities fell around $36 million to $548 million.
The retail giant described the macroeconomic conditions in Australia was well as the conditions globally as “tough”.
On the upside, it noted that the trend towards aggressive discounting which created so much pain for retailers last year was showing signs of abatement, with an uptick in sales reported for the later part of the first half.
Historically low interest rates should spur increased spending moving forward, the company said.
Harvey Norman shares were down just half a cent immediately after the announcement was made in the early afternoon today.
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