Turners Auctions directors say the company’s 53% drop in annual profit was a satisfactory result given unprecedented changes in the car market and they have declared a special dividend as an “expression of confidence” in the company’s position.
Turners reported a $1.1 million net profit this morning, on a 9% drop in operating revenues to $78 million.
Group assets were up 5% to $42 million.
Investments in new online sales channels have affected the results but the company says the strategy is starting to pay off.
The company has also cut branches and staff numbers to save costs.
Sales of repossessed vehicles were up 100% over the year, while government business was also strong (up 24%).
This came as the total used car market dropped 9% or 100,000 vehicles on a rapid decline in Japanese used import sales (down 25%).
Turners said it was an unprecedented decline for the market.
The company declared a final dividend of 0.4 cents per share and a special dividend of 4.6 cents per share, both fully imputed.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- MARKET CLOSE: NZ shares fall with profit taking on Spark, Freightways, SkyCity
- Auckland Airport expects holiday check-ins to take extra 30mins
- NZ dollar gains as US interest rate track weighed before Yellen testimony
- Three companies meet crowdfunding targets
- IRD eyes hybrid instruments, related party debt in global tax avoidance clamp-down
Most listened to
- How might the government best encourage NZ space industry? Helmore Ayers Lawyers consultant lawyer Dr Maria Pozza explains
- Forsyth Barr's Matthew Leach on why he expects Xero to drop from the NZX 10 index
- Education consultant Sharndre Kushor says Crimson Consulting’s new website is the “Netflix for educational achievement”
- Nathan Smith breaks down the latest foreign affairs news
- NZIER's Kirden Lees and Rob Hosking discuss changing how the Reserve Bank targets interest rates