The Colonial Motor Company has reported a 35.9% decrease in trading profit after tax for the first half of the 2024 financial year.
The company's profit for the six months ended Dec 31 2023, amounted to $9.1 million, compared to a strong result in the same period the previous year.
Chair, Ash Waugh, attributed the decline to the distorting impacts of the prior government's clean car vehicle legislation on the new vehicle market, as well as the negative market effects of the current government's decision to end the Clean Car Discount program.
Waugh also cited suppressed demand, a high interest rate environment, and inventory holding costs as factors influencing the half-year results.
The company's board declared an unchanged fully imputed interim dividend of 15 cents per share.
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