AP Eagers (ASX:APE) see losses in a difficult auto market

Company News

by Rachael Jones

AP Eagers (ASX:APE) FY19 result reflects year of transformation with Statutory Loss After Tax from continuing operations of $80.5 million or $129.1 million when discontinued operations are included.

2018 saw a profit of $97.5 million.

According to Federal Chamber of Automotive Industry statistics, Australia’s new motor vehicle sales decreased by -7.8 per cent in 2019 as compared to 2018.

The challenging market conditions were reflected across the Australian industry, with every State recording a decline on pcp.

They will release a Final Dividend of 22.5 cents per share, the same as 2018.

Shares in AP Eagers (ASX:APE) are trading 3.3 per cent higher at $8.77.