Australia’s largest automotive retailer, Automotive Holdings Group Ltd, has unveiled a record first half net profit of $33.6 million.

The result compares to $21.5 million for the previous corresponding period and includes a profit on the sale of carsales.com shares.

Underlying profit was a record $28.7 million, up 157.9 per cent, on group revenue of $1.6 billion.

The company declared a fully franked interim dividend of seven cents per share, up from four cents per share previously.

Managing director Bronte Howson said market conditions had improved, with an increase in demand for new and used vehicles.

source: smh.com.au