NZ Automotive profit drops 19% as covid-19 bites

Tue, 31 May 2022

Used car dealership NZ Automotive Investments (NZAI) said the multiple lockdowns that the pandemic has thrown at the world were the reason behind its 19% drop in profit.The company’s net profit was down 19% to $2.6 million in the 12 months ended March 31.NZAI, which owns used car dealership 2 Cheap Cars and NZ Motor Finance Ltd, said its revenue and income were down $0.1m to $66m from the previous financial period.Operating cashflow fell by $6.8m and the company’s underlying net profit after tax was down to $1.7m, a big drop from th...

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