A.P. Eagers Sales Growth Hits The Brakes
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Australia's oldest listed automotive retail group, A.P. Eagers earned run of earning a consecutive annual record profits came to an end in 2017.
The company, which also controls 24.5% of the biggest car dealer, Automotive Holdings of Perth, told the ASX in a brief update that statutory net profit would be 4% lower at $135.7 million, against $141.4 million earned in its fiscal 2016 year.
The company says it wrote off $5.2 million in the year on restructuring and other charges.
Underlying profit will be up 2% at $140.8 million. Results will be out on February 21.
Directors said that strong contributions from the company’s management of its property and investment interests “helped offset challenging industry conditions” - a reference to the fall in profits from selling cars that showed up mid year.
That was despite a record year for car sales - 1,189,116 vehicles were bought during 2017, up from 1,178,133 in 2016.
Eager share rose 0.3% to $8.11. They are down 13.1% in the past year.
Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.
At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.