Feb 19 (Reuters) - Australia's second-biggest grocery chain Coles Group Ltd (COL) on Tuesday reported a 14 percent drop in half-year profit in its first results since being spun-off from Wesfarmers Ltd (WES) last year.
Net profit for the six months ended Dec. 30 came in at A$738 million ($526.19 million), from A$858 million a year earlier, due to a restructuring provision in supermarkets and weaker profit margins for its convenience business.
Coles said total revenue for the half-year rose 2 percent to A$20.35 billion.
($1 = 1.4025 Australian dollars)
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Australia's Wesfarmers to spin off Coles as competition bites^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>
News: COL Australia's Coles Group's half-year profit down 14 percent
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