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 plunge after Brexit vote; Xero, A2, banks hit hard
NZ dollar, swaps tumble as Brexit confounds pollsters; central banks likely to act
Fronde chairman Jon Mayson ousted, two other directors also exit
NZ interest rates plunge as Brexit gets closer to reality
Smiths City annual profit drops 30%, sales rise as retailer ditches low-margin business
Cavalier raises 2016 earnings guidance on better performance from broadloom carpets
NZ stocks turn as UK referendum result keeps investors guessing
Update: APN and NZME pay $36.3 million to settle disputed tax avoidance and other cases
Ryman board seeks 9% pay rise to cope with bigger business
NZ dollar spikes then drops in illiquid market as UK results dribble in