Harvey Norman Holdings Limited Sees Decline in Profit Despite Strong Asset Growth

Harvey Norman Holdings Limited (ASX: HVN) reported a mixed financial performance for FY24. The company saw its net assets rise to $4.54 billion, a 1.6% increase from June 2023, reflecting a solid balance sheet. Operating cash flows improved slightly, up $6.27 million to $686.53 million, with a strong cash conversion rate of 100.4%. However, the reported profit before tax (PBT) excluding certain impacts fell by 20.6% to $540.07 million, driven by declines in total revenue and increased operating expenses. Despite these challenges, the company continues to maintain a low net debt to equity ratio of 14.49%, showcasing prudent financial management.

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