Turners Auctions expects 10% rise in annual profit after improved second half

Turners Auctions [NZX: TUA], the auction house that counts Dorchester Pacific as a cornerstone investor, expects annual profit to rise about 10 percent after improved trading in the second half of the financial year.

That's an improvement from the company's previous expectation in August that net profit would be close to the year earlier $4.2 million, the Auckland-based company said in a statement. The auction house had previously warned it faced a tough year as it made up for the loss of a contract with Insurance Australia Group to sell damaged vehicles, which accounted for about 15 percent of earnings.

Turners expects to release its annual earnings for the year ending Dec. 31 on Feb. 13, the company said today.

Shares in Turners last traded at $2.27 and have gained 23 percent so far this year.