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Colonial Motor Co second half better than expected

BUSINESSDESK: Colonial Motor Co, which owns Ford Motor and Mazda dealerships, said the second half didn’t pan out quite as badly had it had feared when it posted a 64% surge in first-half earnings in February.

At the time of the bumper first-half result, the company said it “did not expect the result for the next six months to be as good”.

The company today said trading in the second half of the year “has been better than we anticipated when we made this comment”.

The shares last traded at $3.15 and have climbed 21% this year.

The company will announce its full-year results on August 22.