RESULTS FOR ANNOUNCEMENT TO THE MARKET
Reporting period Six months to 31 December 2012
Previous reporting period Six months to 31 December 2011
Amount ($’000) Percent change
Revenue from ordinary activities 298,029 +10.7%
Trading profit from ordinary activities after tax 5,735 -2.9%
Net profit attributable to shareholders 6,172 +21.1%
Interim divided
Amount per share 9.00 cents
Imputed amount per share 3.50 cents
Supplementary dividend (where applicable) 1.59 cents
Record date 5 April 2013
Payment date 15 April 2013
The Directors of The Colonial Motor Company Limited are pleased to announce the unaudited results of the Group for the six months ended 31 December 2012.
Trading profit after tax of $5.735 million on revenue of $298 million is down 3% on the corresponding comparable period. The total profit for the period has increased to $6.494 million.
Total new registrations, that is cars, light commercials, and heavy trucks, exceeded 100,000 units for the first time since 2007. Within that Ford’s share grew from 10.2% to 11.0%, while Mazda dropped from 7.0% to 6.3%. The market continues to shift to SUV’s from large and medium cars. Our sales grew, however supply shortages, especially of the highly successful Ford Ranger, meant that the full potential was missed. Truck orders, in particular for DAF, remain strong with consequential effects on our stock, up $17.9 million and our bank borrowing up $15.9 million on six months ago.
Following the move of our Porirua operations to a smaller location in August we have entered into an unconditional contract of sale for the vacated property. As a consequence the carrying value of the property moves from fixed assets to ‘property for sale’ under current assets with associated deferred tax adjustments.
The development of Southpac Trucks new workshop facility on Hobill Avenue, Manukau City, was completed on schedule in December 2012. The site adjoins the existing Wiri Station Road property and consolidates all of Southpac's Auckland operations onto one location.
In October we opened a new dealership, 'Hawkes Bay Nissan', in a leased facility in Hastings to operate the Nissan franchise for all of the Hawkes Bay. This new business has made a successful start.
The Directors have declared a fully imputed dividend of 9.0 cents per share totalling $2.943 million to be paid on Monday, 15 April 2013. The record date is Friday, 5 April. The full imputation rate is now 28%.
