Turners increases interim profit despite dip in revenue
Auctioneer posts net interim profit after tax of $1.6 million, up 12% despite 3% dip in revenue.
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Turners Auctions (TUR) has posted a net interim profit after tax of $1.6 million, up 12%, for the six months to June 30.
In interim results posted to the NZX, Turner's said the profit increase came despite revenue falling 3% to $34.9 million.
The chairman's and chief executives report blamed the lower revenue figure on declining Japanese used-car sales, partly due to the tsunami.
Auctioning revenues remained steady at $17.8 million, despite market conditions being described as "sub optimal".
Shares in Turners were today trading at $1.34, down 2c on the day's opening.
Matt Nippert
Mon, 03 Oct 2011
Mon, 03 Oct 2011
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Turners increases interim profit despite dip in revenue
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