Auto retailer AP Eagers says its half-year underlying profit before tax rose 1.8 per cent to $56.8 million despite though market conditions.
In statutory terms, profit after tax was down 17.1 per cent to $42.4 million, taking into account business acquisition costs and property value adjustments.
Revenue was down 1.8 per cent to $2.1 billion as new vehicle sales fell 7.3 per cent.
Market conditions in NSW, Victoria and South Australia were tough but Queensland and Tasmania performed strongly, AP Eagers said.
“AP Eagers continues to show resilience in the face of declining national new vehicle sales across the Australian mainland,” chief executive Martin Ward said.
The market in July was down 2.8 per cent, with Tasmania and Western Australia the only states with growth.
AP Eagers said it now owned more than 70 per cent of Automotive Holding Group, with the remaining shareholders having until September 16 to decide whether to accept AP Eagers’ all-scrip offer.
AP said it had a strong balance sheet to pursue further growth.