Aug 15 (Reuters) - Australia's biggest company by revenues Wesfarmers Ltd (WES) posted a 58.3 percent drop in full-year profit, dragged down by a loss booked upon divesting its UK hardware business.
Net profit for the retail-to-mining conglomerate fell to A$1.20 billion ($868.68 million) for the 12 months to June 30, compared with A$2.87 billion last year.
Wesfarmers sold Homebase for a nominal one pound in May, just two years after buying it. With its sale, Wesfarmers brought to an end an embarrassing and costly offshore adventure.
($1 = 1.3814 Australian dollars)
News: WOW Australia's Wesfarmers full-year profit falls 58 pct on loss on Homebase sale
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