19 Feb 2010

Auction company reports higher profit

12:29 pm on 19 February 2010

Turners Auctions made a profit of $3.3 million in 2009 - more than triple what it made the previous year.

The company says market share grew despite the used vehicle market declining a further 5% last year, following a decline of 9% in 2008.

It says auction revenues held up well at $36.6 million - while cost cutting helped to reduce expenses by 14% to $65.8 million.

Turners has declared a final dividend of 7 cents per share.