Wesfarmers: Result 2016

A terrible Resources result hurt 2016 profit but, as ever, it was Bunnings to the rescue.

‘Wesfarmers profit plunges 83%’, screamed the headlines. Well yes, but you would have already known the cause from the company's strategy day in June, when management said it would take writedowns on Target and the Curragh coal mine in its 2016 results (see Wesfarmers showcases its strategy on 29 Jun (Hold – $39.36)).

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