Sincere sees 5pc drop

DESPITE a higher turnover, Sincere Co saw a drop in its interim after-tax profit by about five per cent to $26.23 million.

Turnover went up by seven per cent to $299.48 million for the six months to August 31, from $279.56 million in the same period a year ago.

Directors said the result was ''within expectations'' and the company was undergoing a ''period of consolidation''.