Southpac Trucks parent Colonial Motor Company – New Zealand’s only listed dealer group – has announced a record profit for the year to the end of June.
The company earned profits of $19.2 million, up 18% on last year’s result of $16.3 million, and up 5% on the 2016 result including various non-trading adjustments was $22.6 million.
In its result the company notes the strong performance of its main vehicle brands – including the Ford Ranger’s record setting sales, and Mazda becoming the second most popular new passenger vehicle brand.
Trucks have also made positive returns.
“Sales and profitability of heavy trucks were strong and forward orders remain good despite the market being slightly down. “
The first half of the financial year was most positive.
“As reported in February, profitability in the first three months of the financial year (July to September 2015) tracked closely to the preceding year. There was a distinct lift in the second quarter which continued throughout the rest of the year delivering the record annual result.”
It notes it has purchased a site at Te Rapa, Hamilton which will soon be developed as a parts and service centre for Southpac Trucks.
South Auckland Motors’ opened a new airport service centre for Ford and Mazda in January, and plans are under way to develop the remainder of the site for a pre-delivery workshop for the dealership. Work continues to reach agreement on a leased development for a further service centre in Takanini.
