Wesfarmers profit jumps, says outlook encouraging

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SYDNEY (MarketWatch) -- Australian retail conglomerate and resource firm Wesfarmers Ltd. said Thursday that first-half net profit rose to 1.17 billion Australian dollars ($1.17 billion) in the six months to Dec. 31. Last year, the firm posted a profit of A$879 million. Revenue rose to A$28.1 billion, up from A$26.5 billion in the year-ago period. "Despite an expectation of continuing consumer caution and competitive market conditions in retail, the overall group outlook for the remainder of the 2011 financial year remains encouraging," the firm said. Shares were up 0.3% in Sydney trading, marginally outperforming the broader S&P/ASX 200 index which traded up 0.2%.

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