Regulatory Reform Hits Automotive Earnings During Fiscal 2018, Although Outlook Remains Healthy
Narrow-moat-rated Automotive Holdings reported a soft fiscal 2018 result with underlying net profit after tax of AUD 75 million, down 14% on the prior year but in line with our expectations. The weakness reflected the ongoing margin pressure from regulatory changes to finance and insurance commissions and relatively soft consumer demand. The board declared a final dividend of AUD 6.8 cents per share, which took the full-year total to AUD 16.3 per share, down almost 20% on the prior year, althoug...Automotive Holdings Group is an automotive retailing group in Australasia. Co. has two logistics divisions: Automotive, which operates passenger vehicle and truck and bus dealerships in Queensland, New South Wales, Victoria and Western Australia, and passenger vehicle dealerships in Auckland, New Zealand and Refrigerated Logistics, which provides cold storage and transport operations in every Australian mainland state through Rand, Harris, Scott's Refrigerated Freightways and JAT Refrigerated Road Services. As of June 30, 2016, Co.'s automotive segment had 188 motor vehicle franchises at 108 dealership locations operating within Australia and New Zealand.
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