Harvey Norman Holdings announces 1HFY23 results; Reported a 15.1% decline in its net profit

On 28 February, Harvey Norman Holdings (ASX: HVN) released its financial results for the first half of the fiscal year 2023:

• According to the report, the company's profit before tax (PBT) was AU$522.67 million, which represents a decline of 14.6% or AU$89.57 million from the previous year's figure of AU$612.24 million.
• Despite the decrease in PBT, Harvey Norman managed to maintain its operational efficiency, as the total operating expenses as a percentage of total system sales revenue remained steady at 16.4% for the first half of 2023.
• Additionally, the company's reported profit after tax and non-controlling interests (NPAT) was AU$365.90 million.
• One of the highlights of the report is the substantial increase in net assets, which rose from AU$3.28 billion as at 31 December 2019 to AU$4.46 billion as at 31 December 2022, representing an uplift of AU$1.18 billion.
• The total revenues for the consolidated entity remained consistent with the previous year's figure at AU$2.34 billion.

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