Businesses report record profitsThe current profit reporting season is confirming that conditions now enable well-managed businesses to thrive. Coles posted a net profit of $1.08 billion, a rise of 2.4%. Wesfarmers Limited reported $2.93 billion in net profit for the year, up 14.4%. Harvey Norman generated a record $518 million profit, up 47% on the year before. Tabcorp posted a net profit of $36.6 million, in a strong turnaround from its $1.36 billion loss last year.