AP Eagers has flagged a drop in full-year profit, saying there’s been no pickup in Australia’s lacklustre automotive market.
With two months left in its current financial year Australia’s largest car dealership group said profit since the start of FY19 was down 6.0 per cent on the prior corresponding period, with national sales of new vehicles in decline for 19 straight months.
AP Eagers said its integration of acquired rival Automotive Holding Group was progressing but AHG’s big-box used car operation known as EasyAuto123 was significantly underperforming, realising a $2.5 million loss in the four months since July 1.
AAP
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