Operating profit (before goodwill amortisation) was $493 million, an increase of 89 per cent on the $261 million reported in the corresponding period last year. Operating revenue of $7.4 billion was 68 per cent higher than last year's $4.4 billion.

Shareholders can look forward to an early dividend of 77 cents per share fully franked in September, a month earlier than is usual for the company.

Domestic liquified petroleum gas (LPG) sales volumes were ahead of budget but lower than last year's due to the commencement of the Eastern Australian-based Unigas autogas joint venture in August 2001 and general weak demand for autogas. Despite above budget earnings in the traditional Australian gas distribution activity, the poor autogas performance, together with below budget sales volumes and profit margins in the Bangladesh LPG import and distribution business, resulted in subsidiary Kleenheat's earnings for the year being marginally below budget and last year's.

Wesfarmers LPG's export volumes of 225,000 tonnes were ahead of budget but below last year's 235,000 tonnes due to shipment timing differences. The lower export volumes and weaker international LPG prices more than offset increased domestic sales and resulted in revenues and earnings being below budget and those of last year.

In September 2001 Wesfarmers acquired a controlling interest in StateWest Power which specialises in the supply of electricity to mining operations and regional centres. Performance during the year was in line with expectations and the current major focus is on completion of the Mid West power project, which will provide power to six Western Australian country centres over the next ten years.

Earnings from the 40 per cent-owned Air Liquide WA were above last year's with strong growth in the health services sector and bulk sales offsetting reduced demand for cylinder products. In a major milestone, June 26 saw the achievement of ten years without a lost-time injury.