Turners first quarter profit up
Published April 21st, 2006
Turners Auctions posted a first quarter profit rise of 9% and is hopeful its struggling North American operations are on the mend.
The vehicle and general goods auctioneer recorded a net profit after tax of $1.47 million for the three months to March 31.
Chief executive Graham Roberts told investors at the firm’s annual meeting in Auckland that he expected to match, or better, last year’s full year profit of $5 million.
That result was down 28% on the previous year as Turners struggled against the increased might of Internet auctioneer, Trade Me, and significant write-offs relating to its North American operations.
Roberts said the American operations “must pay their way in 2006″.
The company has also made significant investments in technology, launching a new website Turners Live, allowing customers to bid from their home or office - in a move to counter Trade Me.
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