Turners Auctions Ltd has today issued a profit warning, saying trading conditions in the past three months have been more difficult than expected.The company said it expects net profit after tax for the 2010 year to be between $2.9 million and $3.1 millio
Turners Auctions Ltd has today issued a profit warning, saying trading conditions in the past three months have been more difficult than expected.
The company said it expects net profit after tax for the 2010 year to be between $2.9 million and $3.1 million, which is less than the $3.27 million reported in 2009.
"Trading conditions over the last three months have been more difficult than expected due to a subdued used vehicle market. The recent increase in goods and services tax and the disruption caused by the earthquake in Canterbury have also added to the uncertainty in the vehicle market," chief executive Graham Roberts said.
He said the recovery was patchy and the company had an extremely strong third quarter in 2009.
The company reported a net profit after tax of $1.4m in the six months to June 30.
