Profit warning from Turners Auctions

Turners Auctions Ltd, the largest auction house in New Zealand, has experienced a 22 per cent fall in sales of used imported vehicles in the year to date.

The company today forecast a net profit after tax in the year to December of $1 million. Last year it reported a $2.274m profit.

The company cited difficult trading conditions as the cause.

"The 22 per cent year to date decline in sales of used imported vehicles has significantly affected both the Turners Fleet result as well as that of other major suppliers to the auction business."

- NZPA