Turners Auctions first-quarter profit up
Motor trader Turners Auctions has posted an 8 per cent lift in first-quarter net profit to $741,000 from the same time last year, despite continuing pressures in the market.
Chief executive Graham Roberts attributed the profit rise to continued flow-through of benefits from its extensive restructuring of the business in the past year.
Speaking at the annual general meeting in Auckland yesterday, Mr Roberts said in the first quarter, Japanese import volumes had bounced back, volumes in its damaged vehicles business had improved and its finance division enjoyed a record month in March.
But there was still uncertainty in the broader car market, he said, and the company had a conservative outlook for the year.
In the first quarter, there was a continued shortage of quality new cars.
Used cars were not coming back on the market following a 5 per cent decline in 2009 and 9 per cent fall in 2008.
Car prices were up between 10 to 20 per cent, said Mr Roberts.
![How do you drive the world's most expensive car? Answer very ... Daily Mail]("http://nt2.ggpht.com/news/tbn/Qr45qydVBEtYiM/6.jpg")
Daily MailHow do you drive the world's most expensive car? Answer - very Daily Mail more than a decade since one was offered at auction. It is exceptionally original, never having been seriously damaged. And although it's a racing car, and more »
