Lockdown dents newly listed NZAI’s profit

Mon, 01 Mar 2021

NZ Automotive Investments listed just last week but has already run into a headwind with the seven-day Auckland lockdown impacting profit forecasts.The car dealer and financier said it expects net profit to be between $3.3 million and $3.7m, assuming current covid restrictions last for less than 14 days. It is almost a million-dollar decline from the prior year when the company made a $4.2m profit on revenue of $76m.Previous lockdowns have already made the March 2021 financial year challenging for the newly-listed firm which could not ful...

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