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

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