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

 

Myrtle Rust: Infections Found At 26 Sites

The affected properties include private gardens, plant nurseries and retailers and an orchard. The stats stand at: 21 properties in Taranaki, 3 in Northland and 2 in Waikato. More>>

Burgers To America: BurgerFuel Opens In The USA

BurgerFuel Worldwide are excited to announce the opening of their first USA based restaurant in Indianapolis, hot off the back of the Indy 500. More>>

English On Budget: Businesses Over-Egg Corporate Tax Cuts

Cutting New Zealand's 28 percent corporate tax rate is "not a panacea in the way business groups sometimes market it," says Prime Minister Bill English. More>>

ALSO:

Auckland Port To Recapture Gas: Union Calls On Ports To Stop Spewing Methyl Bromide

The Maritime Union of New Zealand welcomes the decision by Ports of Auckland to stop releasing methyl bromide emissions into the air. The move to fully recapture the toxic gas after fumigation sets a new benchmark for industry best practice. More>>

ALSO:

Retail: Banks Shoes Calls In Receiver

Banks Group, which runs 14 stores across the country under the brands including Banks Shoes and Shoe Connection, has been tipped into receivership at the request of director John Bank. More>>

ALSO: