Wesfarmers CEO Michael Chaney had something to smile about last week when the company announced a record half-yearly profit of $601 million. The figure was a big leap from the $224.9 million of the previous corresponding period.

The Perth-based conglomerate, with a variety of interests from hardware stores to general insurance companies, attributes some of its success to its 2003 acquisition of Lumley’s Australia and New Zealand operations.

Wesfarmers acquired Lumley’s operations from its British parent for $320 million – plus external debt of about $55 million – last October.

It later sold the group’s life operations, Lumley Life, to Capital Alliance Holdings, saying it wasn’t within the group’s interest to delve into life risks.

“The first half has been another busy time for the group, with significant projects undertaken including the sale of Landmark, the acquisition of Lumley and the capital return of $934 million to shareholders,” the group said.