Colonial Motor lifts first-half profit on strong vehicle market, property sale

Fri, 19 Feb 2016

By Tina Morrison Feb. 19 (BusinessDesk) - Colonial Motor Co lifted first-half profit 24 percent as the listed motor vehicle distributor benefited from New Zealand's record new vehicle market and the sale of a Wellington property. Profit rose to $11.1 million, or 32.3 cents per share, in the six months to Dec. 31, from $9 million, or 25.8 cents, in the year earlier period, the Wellington-based company said in a statement. The latest profit included a $1.1 million gain on the sale of its Capital City Motors site on Taranaki St in Wellington...

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