Music and books retailer HMV Group Plc said Tuesday that its full-year profit fell by half compared to a year ago, when the bottom line was fattened by the sale of operations in Japan.
Net profit for the year ending April 25 was 44.2 million pounds ($73.9 million), compared to 89 million pounds in the previous year.
However, profit from continuing operations which strips out one-time effects like the sale of the Japanese business was up 18.5 per cent to 44.2 million pounds.
Revenue rose 4.4 per cent to 1.96 billion pounds.
The company said sales by its music and games shops in the UK and Ireland were up 1.9 per cent while sales at its Waterstone's book stores declined by 3.8 per cent.
HMV shares rose 1.3 per cent to 120.25 pence in early trading on the London Stock Exchange (LME).
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