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New Zealand's Biggest Book Retailer Profit DropsPosted at 7:55PM Monday 15 Mar 2010 A sharp increase in costs pushed down the profits of New Zealand's biggest book retailer last year.REDgroup New Zealand, which owns the Borders, Bennett's and Whitcoulls chains, made a profit of just $2 million in the year ending in August, well down on the $6.7 million it made the year before, according to accounts filed with the Companies Office. Although revenue increased from $218 million to $232 million, costs also increased, particularly occupancy costs and financing costs.
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