Sharechat Logo

Turners Auctions profit to halve this year

Friday 14th November 2008

Text too small?
Turners Auctions, New Zealand's largest auctioneer of secondhand vehicles, said profit will more than halve this year after a slump in sales of imported used vehicles.

Net income may fall to $1 million in the year to December 31, from $2.3 million last year, the company said in a statement.

"Difficult trading conditions in the used vehicle market will adversely impact" earnings, it said.

Shares of Turners Auctions last traded yesterday at 63 cents and have fallen 43% this year. The company is 19.4% owned by Guinness Peat Group.

By Jonathan Underhill

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

Turners Auctions lifts 1H profit 10 percent, sees flat annual result
Turners and Growers mops up remaining 30 percent of Delica for $25.8 mln
Turners Auctions loses contract to sell wrecks for IAG, denting profit
Turners and Growers narrows 1H loss, writes down orchard values
Turners Auctions upgrades earnings outlook ahead of result
Turners Auctions' first-half profit jumps 19% on earthquake recovery
Turners profit up 22% on sales, customer growth
Turners Auctions says trading is gathering positive momentum
Turners Auctions post strong 2011 half year results
Turners boosts earnings amid slow used car market