Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Turners Auctions upgrades earnings outlook ahead of result

Turners Auctions upgrades earnings outlook ahead of result

Jan. 17 (BusinessDesk) -Turners Auctions has published a profit upgrade ahead of its annual result release on February 13.

Solid trading in the last three months will boost net profit after tax to about $4.2 million in the year ended December 31, the company said.

When the car auction operator posted a 19 percent rise in interim profit in August it said the annual result would be between $3.8 million and $4.1 million.

At the halfway mark Turners Auction noted a return to normal trading in Christchurch, but said the New Zealand used car market overall was flat and the market for Japanese imports was down 7 percent.

The company reported a net profit after tax of $3.7 million in the year to December 31, 2011, up 22 percent on the 2010 result.

The company cautioned that the accounts had not been audited externally yet so the profit indicated was a preliminary one.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news