Turners Auctions' profit under the hammer

Turners Auctions' 2010 profit will fall as much as 11%, reflecting a subdued secondhand vehicle market, the impact of the GST hike and disruption from Canterbury's earthquake.

Net income in calendar 2010 will be in a range of $2.9 million to $3.1 million, down from $3.27 million in 2009, the Auckland-based company said in a statement.

"Trading conditions over the last three months have been more difficult than expected due to a subdued used vehicle market," chief executive Graham Roberts said. "The recovery still appears patchy, with an increase in receivership and liquidation sales highlighting the difficult retail environment many businesses continue to face."

Shares of Turners fell 1.4% to $1.39 and have advanced about 13% this year.

The company will release its annual results on February 25.

Businesswire.co.nz

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