Sharechat Logo

Turners Auctions upgrades earnings outlook ahead of result

Thursday 17th January 2013

Text too small?

Turners Auctions has published a profit upgrade ahead of its annual result release on February 13.

Solid trading in the last three months will boost net profit after tax to about $4.2 million in the year ended December 31, the company said.

When the car auction operator posted a 19 percent rise in interim profit in August it said the annual result would be between $3.8 million and $4.1 million.

At the halfway mark Turners Auction noted a return to normal trading in Christchurch, but said the New Zealand used car market overall was flat and the market for Japanese imports was down 7 percent.

The company reported a net profit after tax of $3.7 million in the year to December 31, 2011, up 22 percent on the 2010 result.

The company cautioned that the accounts had not been audited externally yet so the profit indicated was a preliminary one.

 

BusinessDesk.co.nz

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond


  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:

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' 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
UPDATED: Turners Auction FY profit triples as fewer Japanese imports slash costs