Turners Auctions beats annual profit forecast; shares rise to highest in more than eight years

Wed, 12 Feb 2014

By Tina Morrison Feb. 13 (BusinessDesk) – Turners Auctions, which transacts about 10 percent of the New Zealand used vehicle market, beat its annual profit forecast after widening its scope beyond auction sales, and lifting sales of insurance and finance. The shares surged to the highest in more than eight years. Net profit rose 14 percent to $4.8 million in calendar 2013, the Auckland-based company said in a statement. That’s an improvement from the company’s estimate in November for profit to rise about 10 percent. Revenue increased 14 perc...

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