Colonial Motor Company (CMC) has reported a decline in trading profit and dividends for the 2024 financial year.
The company's trading profit was $17.9 million, down from $33.3m in the previous year.
CMC attributed the decline to challenges in the tractor business, as well as a pullback in the light vehicle dealerships and softening in truck operations.
The company said the 2024 light vehicle market is down 16.7% compared to the prior year.
CMC's chair, A.J. Waugh, said the new vehicle market is experiencing stressed selling activity, which has a cascading impact on the industry.
He described the current trading environment as "tough" and said the company is focused on rebuilding profitability based on the market it sees in front of it.
The company also made the decision to slow and defer some of its property developments.
See more
