Perth-based car dealer and logistic company Automotive Holdings Group has reported a strong rise in statutory net profit on record group revenue, though earnings per share were down slightly.
AHG said its statutory net profit for the 6 months to December was $30.2 million, up 102 per cent, while group revenue was $1.91 billion, up 13.1 per cent.
Operating earnings per share were 12.5 cents, down from 13.1 cents, but despite this fall the directors maintained the fully franked interim dividend of 7 cents per share.
Managing director Bronte Howson said the result included a strong performance from the company’s automotive retail division and a record profit contribution from logistics.
“This is a solid result for our automotive division given a 2.6 per cent decrease in national new vehicle sales for the industry in CY11,” Mr Howson said.
“This result was supported by an improved performance from our Queensland dealerships.”
Mr Howson said the company was positioned for a similarly solid result over the second half.
“We recently announced a number of acquisitions and dealership developments,” he said.
“Our immediate focus is to ensure these dealerships are integrated into AHG’s existing management and operating structures to deliver the expected returns.
“We also continue to explore opportunities that meet our growth criteria.”
At close of trade today, AHG shares had gained 2.9 per cent, to trade at $2.14.