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

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news