Turners Auctions says outlook for 2011 is mixed
Turners Auctions Ltd said its Christchurch branch took a leading role in recovering vehicles after the earthquake but its revenue is down 30 percent since the event and is slowly recovering.
Turners Auctions Ltd said its Christchurch branch took a leading role in recovering vehicles after the earthquake but its revenue is down 30 percent since the event and is slowly recovering.
Chairman Michael Dossor told the annual meeting that the outlook for company overall for the remainder of 2011 looked mixed. The commercial business was expected to perform well but the cars business would remain challenging until consumer confidence recovered.
The company had generated considerable goodwill in the insurance industry and among local authorities by taking the lead on managing the retrieval and storage of vehicles, both damaged and non-damaged, from the central business district of Christchurch area.
"I would add that although the branch has been fully operational over this time, demand has certainly been impacted in the region," Mr Dossor said.
Several customers were temporarily based in the Christchurch branch after the earthquake.
The company reported a $3 million net profit after tax in its 2010 financial year, and experienced a deterioration in the second half of the year.
"The effect of the earthquake in Christchurch, GST increase and rising fuel prices have caused a general slowdown and loss of confidence resulting in the retail and automotive markets being extremely tough," the company said.
NZPA
Thu, 28 Apr 2011
Thu, 28 Apr 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Turners Auctions says outlook for 2011 is mixed
14188