NZ:Colonial Motor reports more sales of trucks,tractors

"The final quarter was particularly affected by the rapidly rising fuel prices, which impacted on the sales volumes of used cars and in the values of larger engined vehicles.

"Used vehicle trading continues to be difficult since balance date," the company said.

Revenue at $523.4m was up 15 percent on the previous year as a result of increased sales of heavy trucks and tractors and a change in the recognition of revenue from sales of new vehicles to lease companies.

The net profit included a profit on the sale of a property of $834,000, revaluations of a property of $423,00 and an impairment loss on goodwill of $854,000.

The company declared a 12c a share final dividend payable on November 3.