Coventry Group has delivered a record net after tax profit of $14.8 million – a 37 per cent increase on the previous financial year.
Operating profit before tax was up 30 per cent to $21.9 million.
The company even gained a tax break, facing a rate of 31 per cent as opposed to the 36 per cent it faced in 2002-03.
Operating revenue was up 4 per cent to $436 million.
However, while total revenue rose 2 per cent compared with the prior year, those figures were affected by property asset sales of $9.8 million in 2002-03, when compared with the $1.8 million in 2003-04.
Coventrys in WA and Motor Traders in South Australia, the group’s traditional automotive businesses, achieved a $1.8 million increase in net profit before interest and tax over the prior year.
Coventry Auto Parts recorded reduced losses, down $1.7 million on the previous year’s loss.
