Colonial Motor Co full year profit soars 38% to record on growing vehicle sales

Colonial Motor Co 12-month price history (NZX.com)

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Colonial Motor Co [NZX: CMO], the car and tractor dealer, said annual profit rose 38 percent to a record amid growing sales of new vehicles.

Net profit rose to $19.3 million, or 58.6 cents per share, in the 12 months ended June 30, from $13.9 million, or 42.5 cents a year earlier, the Wellington-based company said in a statement. Trading revenue climbed 14 percent to $698.2 million.

"A feature of this year has been the concurrent strong operating performance from all of the trading companies; car dealerships, heavy trucks, and tractors," chairman Jim Gibbons said. "However, there are increasing signs that the favourable conditions are easing."

Government data this month showed retail spending on motor vehicles and parts showed the biggest quarterly volume increase in the three months ended June 30, with Motor Trade Industry Association figures showing sales of new passenger and commercial vehicles tallied 62,200 in the first half of this year.

Colonial said new passenger vehicle registrations rose 11 percent in the first six months of the year from the same period in 2013, while light commercial registrations up 21 percent and heavy commercials up 20 percent.

The board declared a final dividend of 22 cents per share, payable on Oct. 20 with an Oct. 10 record date. That takes the total annual payment to 35 cents per share, up from 30 cents in 2013.

The shares were unchanged at $5.47, and have climbed 19 percent this year.

In June, Colonial announced the purchase of Jeff Gray BMW, which settled yesterday, adding four BMW dealerships in Christchurch, Wellington, Palmerston North and Hastings.

(BusinessDesk)


This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7680 0.0000 0.00%
AUD 0.9866 0.0000 0.00%
EUR 0.7101 0.0000 0.00%
GBP 0.5130 0.0000 0.00%
HKD 5.9663 0.0000 0.00%
JPY 91.3140 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1202.7 5.690 2015-04-17T00:
Oil Brent 63.5 1.740 2015-04-17T00:
Oil Nymex 55.7 -1.000 2015-04-17T00:
Silver Index 16.2 -0.050 2015-04-17T00:

Indices

Symbol Open High Last %
NZX 50 5881.8 5884.7 5881.8 -0.34%
NASDAQ 4966.1 4974.1 5007.8 -1.52%
DAX 11942.4 12019.8 11998.9 -2.58%
DJI 18102.6 18102.6 18105.8 -1.54%
FTSE 7060.4 7093.5 7060.4 -0.93%
HKSE 27808.2 27969.4 27739.7 -0.31%
NI225 19810.4 19815.2 19885.8 -1.17%