Turners Auctions profit to halve this year

Net income may fall to $1 million in the year to December 31, from $2.3 million last year, the company said in a statement.

"Difficult trading conditions in the used vehicle market will adversely impact" earnings, it said.

Shares of Turners Auctions last traded yesterday at 63 cents and have fallen 43% this year. The company is 19.4% owned by Guinness Peat Group.

By Jonathan Underhill

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