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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.