Automative retail and finance company Turners has reported a largely unchanged half-year profit, owing to ongoing growth in used car sales, despite a wider market slowdown.
For the six months ending in September, it had made a net profit of $17.1 million, compared to $16.9m the year before.
Its revenue was $185.3m compared to $166.8m and underlying earnings were $26.1m compared to $24.5m.
Chief executive Todd Hunter said Turners grew its market share and achieved higher sales year on year, as the country’s overall used car sales fell 7.5 per cent.
“To be able to maintain healthy returns to shareholders during a difficult period is a tribute to our dedicated and highly engaged team, which once again outperformed.
“The robustness of our diversified business has been demonstrated despite the industry headwinds which we expect will continue into the second half of the year,” he said.
Turners chairperson Grant Baker said the result was encouraging amid various headwinds.
“Considering the disruption of Omicron, during which up to 25 per cent of our operational staff were impacted, and the headwinds of higher interest rates and households under an economic squeeze, we are encouraged with the results achieved in our first half,” Baker said.
The company said its finance arrears were performing significantly better than market levels.
Looking ahead, Turners said it was in a good position to continue to compete in difficult market conditions.
It said car sales were holding up well with improving margins, and in its finance segment, it was expecting some deterioration in arrears.
The company expected full year profit before tax to be at or slightly above last year’s record result of $43.1 million.
Story Credit: rnz.co.nz