Colonial's $5.7m profit down 3pc on last year

Last updated 05:00 16/02/2013

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Wellington-based Colonial Motor Company made an after-tax trading profit of $5.7 million for the half year to the end of December, down 3 per cent on the same period a year ago.

CMC owns 12 motor vehicle dealerships throughout the country, whose primary focus is Ford, and seven of the dealerships also have the Mazda franchise. CMC also has dealerships selling trucks and tractors.

The profit slipped slightly despite revenues of $298m, up from $269m in the previous half year.

The company declared a fully imputed dividend of 9 cents a share, to be paid on April 15.

Colonial said its sales grew, but supply shortages especially for the "highly successful" Ford Ranger meant the full potential was missed.

Truck orders, especially for its DAF brand, remained strong.

As a result company stock was up almost $18m and its bank borrowing rose almost $16m on six months before.

Company inventory stood at $84.7m, compared with $66.9m at the end of June last year.

Nationally total new registrations for cars, light commercials and heavy trucks topped 100,000 units for the first time since 2007.

Within that Ford's share grew from 10.2 per cent to 11 per cent, while Mazda dropped from 7 per cent to 6.3 per cent.

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