Car dealer Colonial Motors boosts trading profit 18% as car sales rise

Fiona Rotherham
Fri, 19 Aug 2016

By Fiona Rotherham Aug. 19 (BusinessDesk) - Colonial Motor Company, which owns motor vehicle dealerships nationwide, posted a record underlying profit of $19.2 million as the nation's new vehicle industry hit the highest ever level of sales. Trading profit for the year ended June 30 was up 18 percent on last year’s $16.3 million, the Wellington-based company said in a statement, though the results are still preliminary and unaudited. Property and investment revaluations and a gain on the sale of a property lifted net profit to $21.5 milli...

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