Net profit fell to $25.47 million for the six months to July 31 compared with $27.94 million in the prior corresponding period, Sydney-based Corporate Express said.
Revenue declined 6 per cent to $599.2 million, as businesses cut back on office expenses during the downturn.
Corporate Express said earnings before interest and tax (EBIT) for the full year ending January 2010 would be at the lower end of analysts' range of $90.9 million to $100.5 million.
EBIT for the first half was $41.5 million.
The company's full-year net profit would be hit by a further $2.5 million as interest expenses increased as the company refinanced debt early to provide funding certainty.
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