Automotive Holdings Group Posts 31.9% Profit Increase

Automotive Holdings Group, one of Australia’s biggest retailer of cars, has reported a boost in profits. The company credits the low interest rates it has been offering on personal car loans.

Net profit for the fiscal year covering 2012 and 2013 is at $66.8 million, or about 31.9% increase compared to last year. The company has several dealerships all over Australia and New Zealand.

According to its managing director, Bronte Howson, this new record has given a great boost to the company and showed that “personal shopping” remains alive and well. Interest rates offered by the Automotive Holdings Group is between zero to four percent.

Mr. Howson said, “The private sector represents nearly 52 per cent, which is up about 10 per cent on previous years.”

“The general rule has always been private sector around 45 per cent, businesses around 45 per cent and 10 per cent government and rental.”

Automotive Holdings Group plans to develop more dealership in New Zealand, as well as improve its logistics division for the next financial year.

In the market today, however, the shares went down to 1.02% or at four cents, closing at $3.89.