2 Cheap Cars profit nearly halves amid volatile conditions

2 Cheap Cars chief executive David Sena founded the company in 2011. (Image: Supplied)

Fri, 15 Nov 2024

2 Cheap Cars' half-year profit slumped nearly 50% as the most volatile market conditions since its inception took toll, its chief executive says.For the six months to Sept 30, the secondhand car sales group reported a net profit after tax of $1.67 million, down from $3.2m in the same period last year.Revenue and income were steady at $41.98m, selling 4,119 vehicles, up 9%.A company statement to the New Zealand Exchange (NZX) said, in line with guidance, the results highlighted a prolonged economic downturn in NZ and the consequent chal...

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