Woolworths New Zealand's revelation of a 52% drop in profits is being labelled a 'PR fudge'.  

The multi-national supermarket giant reported a $76 million profit for this year. 

Monopoly Watch financial analyst Tex Edwards told Mike Hosking that this just means gross profits are up $76 million. 

He says, essentially, there's an increase, not in operational costs, but in transfer of costs to Australia.  

Edwards says Woolworths' profit margins are still approximately three times more than those of other supermarket companies internationally. 

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• Woolworths' profits drop by over half, source of which is unknown