After-tax profits for Michael Hill International have almost tripled to $69.5 million, due to a one-off tax credit.
The retail jewellery group incurred a $53 million tax credit after it restructured its operations and the ownership of intellectual property.
But profit before tax dropped by 46% to $20.1 million after increases in operating costs and losses in its business in the United States.
Michael Hill bought 17 US stores from a bankrupt jeweller last year, which lost just over $5 million for the period.
Chief executive Mike Parsell says the results are disappointing. Sales at stores open at least a year were up 0.8%.
The company will pay a final dividend of 1.5 cents per share, down from 2c last year.
Shares in Michael Hill International were down 2 cents to 70c at the close of trade on Tuesday.
