Turners Auctions, the auction house which counts Dorchester Pacific as a cornerstone investor, lifted first-half profit 10 per cent on gains in its fleet and finance units, and sees a flat annual result, having previously warned it faced a tough year after losing a major contract.
Net profit rose to $2.1 million, or 7.8c per share, in the six months ended June 30, from $1.9 million, or 7.3c, a year earlier, the Auckland-based company said. Turners lifted sales 13 per cent to $41.8 million.
Annual profit will likely be in line with 2012's $4.2 million result, as the auction house counters the loss of a contract with Insurance Australia Group to sell damaged vehicles. The IAG contract accounted for about 15 per cent of Turners' bottom line.
"The business has made good progress in the first half on implementing a multi-channel sales strategy," the company said.
The board declared an unchanged interim dividend of 7c per share, payable on September 19. The company's shares closed up 3c yesterday at $1.95.
