Country beats city at Colonial Motors

For the year ended June the company made a profit of $5.01 million against last year's $7.85 million result.

Revenue grew 16% to $339 million on the back of high unit value heavy truck sales.

"The financial year just passed has seen the continuation of the strong export performance lifting the fortunes of provincial New Zealand," the company reports.

"Our dealerships in these areas, and also our Heavy Truck and Tractor businesses, have experienced continued strong trading overall, similar to the previous year."

However the company says this has been offset by the lacklustre economies in the key metropolitan markets of Auckland, and to a lesser extent Wellington.

Colonial Motors says it is expecting continued improvement from its Auckland Auto Collection business, which made progress in the second half of the year.

"This business, which operates retail dealerships for Ford and Mazda products in the greater Auckland market, remains focussed on improving its internal efficiencies."

A fully imputed dividend of 8 cents per share will be paid taking the year's total to 14 cents, down on last year's 19.5 cents payout.

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