Harvey Norman profit falls 19%

Sydney: Furniture and electronics retailer Harvey Norman’s halfyear net profit has slumped and franchisees’ earnings have fallen, as the group’s dairy investments have soured.

The retailer’s net profit of $A207.7 million

($NZ222 million) for the six months to December 31 is down 19.3% on the same period a year ago. A $20.7 million beforetax impairment hit from its dairy investment, the Coomboona Holdings joint venture, weighed on the group’s bottom line. — AAP