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Automotive Holding's year has tough start

AAP logoAAP 17/11/2016

Australia's largest car dealer's operating earnings have fallen 7.8 per cent in first four months of its financial year, due to a big decline in contributions from its refrigerated logistics operations.

Automotive Holdings' operating earnings before interest, tax, depreciation and amortisation has come in at $62.7 million for the four months to October 31, with its Refrigerated division trending in line with the second half of FY2016..

Still, the company expects a "significant improvement" in earnings from the Refrigerated Logistics unit in the second-half of 2016/17, citing cost savings from restructuring and revenue growth. Annual operating profit after tax is expected to be up on last year.

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