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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- “The issues are so enormous that it all seems completely overwhelming,” says Rod Oram. “But there is movement.”
- Xero's CFO Sankar Narayan on competitors MYOB and Intuit's results
- Craigs' Mark Lister on the Federal Reserve giving the Reserve Bank a breather
- Parliamentary silly buggers is starting to dominate the activity and effort of John Key’s government, says Rob Hosking
- Steve Maharey says the success of online learning will depend on quality – not how it is delivered