Trading ex-dividend: Automotive Holdings Group Ltd.’s stock plunged 1% on September 21, 2017 as the group traded ex-dividend. Last month, the group announced its annual results for the twelve months ending 30 June 2017 with revenue growth of 8% to $6,080 million. On the other hand, net profit after tax (NPAT) dropped 38% to $55 million at the back of one‐off costs associated with the Refrigerated Logistics transformation program, restructuring of the company’s operations, and cost down initiatives as highlighted in the May trading update. The group has still been consistent with its dividend policy of paying 65% to 75% of operating profit. Despite the shortcomings in automotive segment, the group expects a modest improvement in operating performance in 2018 and is putting efforts on cost reduction. The group expects to benefit from continued strong performance of dealerships in New Zealand, roll-out of easyauto123 fixed price used car warehouse model and ongoing improvement in Refrigerated Logistics.
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