Investors take big slice out of Domino's despite profit

Domino's is selling fewer pizzas, but the business is in better shape than a year ago, analysts say. (Darren England/AAP PHOTOS)

A global pizza company's strategy to ditch discounts has helped it swing to a profit, but slipping revenues drove investors to slice their holdings.

Domino's Pizza posted a $40.9 million net profit after tax in the six months to December, up from a $22.2 million loss a year earlier, while revenue from ordinary activities fell 5.5 per cent to 1.1 billion.