Friday 25th February 2011
|Text too small?|
Turners Auctions said a 7.5% fall in annual profit reflected a deteriorating car market in the second half of the year that in turn suggested a weak economy.
The company reported net profit after tax of $3.027 million in the 12 months to December 31, down from $3.273 million in the same period last year. It was achieved on revenue of $70.5 million, which was little changed from $70.35 million last year.
The company is paying a six cent a share final dividend and a six-cent special dividend, taking total dividends for the year to 17 cents a share.
Turners Auctions believed the economic recovery has slowed significantly, arguing the car market declined by 3% in the second half of 2010 after rising 5% on the prior year in the first half.
The challenging car market was offset somewhat by good performances by the commercial division, the truck division and the company's finance unit.
No comments yet
MARKET CLOSE: NZ shares rise, led by Warehouse, Ryman while Orion, Chorus keep falling
NZ dollar gains on signs of robust economy, while Fed hikes wait on run of strong data
Comvita to become biggest investor in SeaDragon after funding plan backed
Zespri cuts forecast 2017 profit, grower returns for Green kiwifruit on increased supply
Spark issues 10-year bond, paying 3.94%
Property developer David Henderson claims judicial bias in appeal over tax convictions
FAA buys kiwi screening technology to train US air traffic controllers
Mad Butcher owner Veritas shares slump 17% on losses, debt concerns
Kiwi Property raises $125mn, paying 4.00% over 7 years
NZ business confidence steady in August as farmers less gloomy, retailers, manufacturers less optimistic