Automotive Holdings trading on the improve
November 13, 2009
Automotive Holdings Group Limited (AHE) reported an unaudited NPAT from continuing operations for the four months to 31 October 2009 of $16.7 million, representing a 67% on the previous corresponding period (“pcp”). The company attributed the rise to improved market conditions and a continuation of a strong second half of FY09.
Automotive Holdings said the result excludes profit on the sale of carsales.com shares of $4.9 million and the GST refund received in the pcp.
The company said pcp was heavily affected by the global economic downturn.
The group said EBITDA for the four month period totalled $35.7 million, an increase of 15% on pcp.
”EBITDA for the Automotive Retailing Division totalled $26.4 million (an increase of 23% on pcp) while EBITDA for the Logistics Division was $9.4 million (99% of pcp),” the company said.
Managing director, Bronte Howson, maintained a positive outlook for FY10, which he said was reflected in the improved new vehicle sales trend experienced in the last 6 months and a rebound in consumer confidence.
“We also expect a continued strong full year performance from our Logistics division which incurred start up costs in its engineering operations during the first 4 months,” Mr Howson said.
As at 1140 AEDT, Automotive Holdings' shares were up 7c to $2.23.
Automotive Holdings said the result excludes profit on the sale of carsales.com shares of $4.9 million and the GST refund received in the pcp.
The company said pcp was heavily affected by the global economic downturn.
The group said EBITDA for the four month period totalled $35.7 million, an increase of 15% on pcp.
”EBITDA for the Automotive Retailing Division totalled $26.4 million (an increase of 23% on pcp) while EBITDA for the Logistics Division was $9.4 million (99% of pcp),” the company said.
Managing director, Bronte Howson, maintained a positive outlook for FY10, which he said was reflected in the improved new vehicle sales trend experienced in the last 6 months and a rebound in consumer confidence.
“We also expect a continued strong full year performance from our Logistics division which incurred start up costs in its engineering operations during the first 4 months,” Mr Howson said.
As at 1140 AEDT, Automotive Holdings' shares were up 7c to $2.23.
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