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)


Got a question about this story? Leave it in Comments & Questions below.

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 0.6672 -0.0037 -0.55%
AUD 0.9390 -0.0034 -0.36%
EUR 0.5908 -0.0027 -0.45%
GBP 0.4612 -0.0026 -0.56%
HKD 5.1949 -0.0322 -0.62%
JPY 75.1820 -0.3170 -0.42%

Commods

Commodity Price Change Time
Gold Index 1247.8 53.200 2016-02-11T00:
Oil Brent 30.8 -0.720 2016-02-11T00:
Oil Nymex 26.1 -1.400 2016-02-11T00:
Silver Index 15.8 0.510 2016-02-11T00:

Indices

Symbol Open High Last %
NZX 50 5987.0 5987.0 5987.0 -0.89%
NASDAQ 4218.8 4293.2 4283.6 -0.39%
DAX 8887.9 8899.6 9017.3 -2.93%
DJI 15897.8 15897.8 15914.7 -1.60%
FTSE 5672.3 5672.3 5672.3 -2.39%
HKSE 18278.8 18482.3 18545.8 -0.84%
NI225 15426.3 15437.2 15713.4 -3.23%