Turners Auctions says car market turned down last year
Turners Auctions Ltd said a 7.5 percent fall in annual profit reflected a deteriorating car market in the second half of the year that in turn suggested a weak economy.
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Turners Auctions Ltd said a 7.5 percent fall in annual profit reflected a deteriorating car market in the second half of the year that in turn suggested a weak economy.
The company reported net profit after tax of $3.027 million in the 12 months to December 31, down from $3.273 million in the same period last year. It was achieved on revenue of $70.5m, which was little changed from $70.35m last year.
The company is paying a six cent a share final dividend and a six-cent special dividend, taking total dividends for the year to 17 cents a share.
Turners Auctions believed the economic recovery has slowed significantly, arguing the car market declined by 3 percent in the second half of 2010 after rising 5 percent on the prior year in the first half.
The challenging car market was offset somewhat by good performances by the commercial division, the truck division and the company's finance unit.
NZPA
Fri, 25 Feb 2011
Fri, 25 Feb 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
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Turners Auctions says car market turned down last year
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