Australia-based automotive portal Carsales.com.au has posted a half year profit of $54.4M, up 5% from 2016. Outgoing CEO Greg Roebuck credits the portal’s success to its Australian and Asian businesses.
"The Carsales business has again delivered a strong performance driven by solid domestic and promising international growth," he told News.com.au.
The company also predicts more good news on the horizon.
It expects growth in earnings before interest, tax, depreciation and amortisation (EBITDA) and underlying profit to remain "solid" in its domestic core business.
The performance of its vehicle financing business, in which revenue fell 22 per cent in the first half of 2016/17, is also expected to improve in the six months to June 30.
Carsales was hit by volume reductions at lender BMW Finance in December. They were ordered to pay remediation worth a total of $77M after a corporate regulator found thousands of customers may have been unfairly hit by its lending and debt collection practices.
But things appear to have bounced back for them in January with a 5% increase in H2 and Carsales shares gaining 7.8%, up to $10.83.