Australia’s oldest listed automotive retail group, A.P. Eagers earned run of earning a consecutive annual record profits came to an end in 2017.
The company, which also controls 24.5% of the biggest car dealer, Automotive Holdings of Perth, told the ASX in a brief update that statutory net profit would be 4% lower at $135.7 million, against $141.4 million earned in its fiscal 2016 year.
The company says it wrote off $5.2 million in the year on restructuring and other charges.
Underlying profit will be up 2% at $140.8 million. Results will be out on February 21.
Directors said that strong contributions from the company’s management of its property and investment interests “helped offset challenging industry conditions” – a reference to the fall in profits from selling cars that showed up mid year.
That was despite a record year for car sales – 1,189,116 vehicles were bought during 2017, up from 1,178,133 in 2016.
Eager share rose 0.3% to $8.11. They are down 13.1% in the past year.
