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

 


Colonial Motor Co FY profit soars 38% to record

Colonial Motor Co FY profit soars 38% to record on growing vehicle sales

By Paul McBeth

Aug. 20 (BusinessDesk) - Colonial Motor Co, the car and tractor dealer, said annual profit rose 38 percent to a record amid growing sales of new vehicles.

Net profit rose to $19.3 million, or 58.6 cents per share, in the 12 months ended June 30, from $13.9 million, or 42.5 cents a year earlier, the Wellington-based company said in a statement. Trading revenue climbed 14 percent to $698.2 million.

"A feature of this year has been the concurrent strong operating performance from all of the trading companies; car dealerships, heavy trucks, and tractors," chairman Jim Gibbons said. "However, there are increasing signs that the favourable conditions are easing."

Government data this month showed retail spending on motor vehicles and parts showed the biggest quarterly volume increase in the three months ended June 30, with Motor Trade Industry Association figures showing sales of new passenger and commercial vehicles tallied 62,200 in the first half of this year.

Colonial said new passenger vehicle registrations rose 11 percent in the first six months of the year from the same period in 2013, while light commercial registrations up 21 percent and heavy commercials up 20 percent.

The board declared a final dividend of 22 cents per share, payable on Oct. 20 with an Oct. 10 record date. That takes the total annual payment to 35 cents per share, up from 30 cents in 2013.

The shares were unchanged at $5.47, and have climbed 19 percent this year.

In June, Colonial announced the purchase of Jeff Gray BMW, which settled yesterday, adding four BMW dealerships in Christchurch, Wellington, Palmerston North and Hastings.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news