Tex Edwards: Monopoly Watch Financial Analyst on Woolworths' 52% drop in profits

Woolworths New Zealand's revelation of a 52% drop in profits is being labelled a 'PR fudge'.   The multi-national supermarket giant reported a $76 million profit for this year.  Monopoly Watch financial analyst Tex Edwards told Mike Hosking that this just means gross profits are up $76 million.  He says, essentially, there's an increase, not in operational costs, but in transfer of costs to Australia.   Edwards says Woolworths' profit margins are still approximately three times more than those of other supermarket companies internationally.  LISTEN ABOVE See omnystudio.com/listener for privacy information.