Sharechat Logo

Weak car market drives profits down at Turners Auctions

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.

 

NZPA

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

MARKET CLOSE: NZ shares mixed ahead of Anzac Day holiday; A2, Synlait fall further, Fisher & Paykel bounces
USX: Introducing Pharmazen Limited
NZ dollar falls to 3 1/2 month low as rising US interest rates bring trading back to fundamentals
Gold Report 23rd April 2018
Gold Report 16th April 2018
Gold Report 9th April 2018
Gold Report 3rd April 2018
Gold Report 26th March 2018
Gold Report 19th March 2018
Gold Report 12th March 2018

IRG See IRG research reports