MARKETS SPECTATOR: Metcash profits in the bag

The grocery wholesaler’s shares surged as much as 8.5 per cent after its net profit more than doubled in 2013.

Not all things are gloomy in Australia’s economy, especially if you are Australia’s largest grocery wholesaler with a large liquor business. Metcash said today its profit rocketed 129 per cent to $206 million in the 12 months to April 30 after liquor sales rose by a quarter year-on-year.

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