Turners Auctions' profits hit brakes

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

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

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7567 0.0000 0.00%
AUD 0.9753 0.0000 0.00%
EUR 0.6945 0.0000 0.00%
GBP 0.5084 0.0000 0.00%
HKD 5.8650 0.0000 0.00%
JPY 90.0730 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1198.2 -6.000 2015-03-27T00:
Oil Brent 56.4 2.710 2015-03-27T00:
Oil Nymex 48.9 -2.560 2015-03-27T00:
Silver Index 17.1 -0.071 2015-03-27T00:

Indices

Symbol Open High Last %
NZX 50 5833.2 5854.2 5833.2 0.36%
NASDAQ 4863.7 4899.3 4863.4 0.57%
DAX 11920.2 11954.1 11843.7 0.21%
DJI 17673.6 17729.1 17678.2 0.19%
FTSE 6895.3 6910.6 6895.3 -0.58%
HKSE 24541.4 24549.9 24497.1 -0.04%
NI225 19374.7 19590.0 19471.1 -0.95%