June 25, 2017 / 11:49 PM / 2 months ago

Australia's Metcash FY profit slumps 21 pct; CEO to step down

June 26 (Reuters) - Australia's Metcash Ltd reported a 21 percent fall in full year profit on Monday owing to a one-off cost associated with the acquisition of the Home Timber & Hardware business, and said Chief Executive Ian Morrice would retire in 2018.

For the year ended 30 April, 2017, Metcash reported a profit after tax of A$171.9 million ($130.0 million), compared with A$216.5 million a year earlier.

The company said its underlying profit after tax rose 9.3 percent to A$194.8 million. It decided to bring forward the recommencement of dividends and announced a fully franked final dividend of 4.5 cents per share.

$1 = 1.3222 Australian dollars Reporting by Hanna Paul in Bengaluru; Editing by Richard Pullin

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