NZ's Michael Hill H1 net profit down

WELLINGTON, Feb 14 (Reuters) - New Zealand based jewellery retailer Michael Hill International Ltd's first half net profit fell 22 percent on higher tax payments, the company said on Friday.

The company, which has 279 stores in New Zealand, Australia and North America, said net profit for the six months to Dec 31 was A$16.24 million ($14.59 million) compared with the previous year's A$22.03 million.

However, earnings before interest and tax (EBIT) were A$29.75 million, up 4.1 percent on a year ago and at the top of the A$29 million to A$30 million guidance range given last month, when it said a strong rise in Canadian sales, and a softer Australian currency lifted earnings.

The company, controlled by founder Michael Hill and family interests, declared an unchanged dividend of 2.5 cents a share.

The company now reports its earnings in Australian dollars. ($1 = 1.1133 Australian dollars)

(Gyles Beckford)

((Gyles.Beckford@thomsonreuters.com)(+64 4 471 4321)(Reuters Messaging: gyles.beckford.reuters.com@reuters.net))

Keywords: MICHAELHILL RESULTS/