Dealer group AP Eagers has reported a record half year net profit before tax of $67.9 million from $59.5 million in 2015’s half year – up 14%.
The company says the result was due to improved car sales in New South Wales and South Australia countering a slowdown in Queensland as a result of low interest rates, especially relevant to the national new vehicle market.
Eagers acquired Toowoomba’s Crampton Automotive Group, Melbourne-based Birrell Motors Group and Townsville’s Tony Ireland Group in the last six months, and intends to leverage off the popularity of vehicle sales, especially luxury brands, by purchasing car dealerships around Australia.
Record underlying profit before tax of $66.6 million from $58.5 million in 2015’s half year makes for a 3.9% lift. Record statutory profit after tax of $49.1 million, from $44.1 million in 2015’s half year, is up 11.5%, while record half year earnings per share (basic) of 26.2c from $24.5c in 2015’s half year are up 7%. And finally, a record interim dividend of 13c per share from 12c in 2015’s half year, up 8.3%, should put a smile on some faces.
The company’s used car business has been rebranded as Zoopers.
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