Colonial Motor reports higher interim profit

The Colonial Motor Company has reported a 38.4% rise in interim profit as new vehicle sales rose 15% nationwide.

The $3.6 million profit in the six months to December 31, compared to $2.6 million in the previous year. Revenue rose 8.4% to $232 million.

The company declared a final dividend of seven cents a share payable on April 4.

The increased group revenue reflected higher new car sales but this was offset by a reduction in used vehicle sales, parts and service revenues.

"For most of our dealerships it has been a challenging period as the lower level of retail business has required finding further cost reductions and efficiencies," the company said.

The earthquakes in Christchurch have complicated upgrading plans for Team Hutchinson Ford's Tuam Street property in the city.

The impact of last Tuesday's earthquake on the building has yet to be fully understood and assessed.

NZPA

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.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Greenfern Industries Limited (NZX: GFI) Releases Interim Results
Hallenstein Glasson Holdings Limited (NZX: HLG) Announcement of Final Dividend
26th November 2021 Morning Report
EROAD Limited (NZX: ERD) Accelerates Towards Next Phase of Growth
Green Cross Health Limited (NZX: GXH) REPORTS STRONG HALF YEAR PROFIT OF $9.7M
Stride Property Ltd & Stride Investment Management Ltd (NZ: SPG) Placement Size Increased Following Strong Demand
General Capital Limited (NZX: GEN) Announces Very Strong Growth
25th November 2021 Morning Report
Gentrack Group Limited (NZ: GTK) Annual Results for the Year Ended 30 September 2021
Pacific Edge Limited (NZX: PEB) Results for Six Months Ended 30 September 2021