Turners Auctions upgrades earnings outlook ahead of result

Turners Auctions has published a profit upgrade ahead of its annual result release on February 13.

Solid trading in the last three months will boost net profit after tax to about $4.2 million in the year ended December 31, the company says.

When the car auction operator posted a 19 percent rise in interim profit in August it said the annual result would be between $3.8 million and $4.1 million.

At the halfway mark, Turners Auction noted a return to normal trading in Christchurch but said the New Zealand used car market overall was flat and the market for Japanese imports was down 7 percent.

The company reported a net profit after tax of $3.7 million in the year to December 31, 2011, up 22 percent on the 2010 result.

The company cautioned that the accounts had not been audited externally yet so the profit indicated was a preliminary one.

(BusinessDesk)

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