NZ's 2 Cheap Cars jumps as H2 profit seen improving

2 Cheap Cars

19/09/2024 05:45

** Shares of used-car dealership 2 Cheap Cars Group  2CC.NZ 
rise as much as 5.4% to NZ$0.78
    ** Co says initiatives planned for H2 will improve net
profit tax (NPAT) compared to that seen in H1
    ** However, co says it no longer expects to match the strong
NPAT of FY24
    ** 2CC in May reported a nearly five-times jump in FY24 NPAT
to NZ$6.2 mln ($3.85 mln)
    ** Says it is optimistic that declining interest rates will
help ease customers’ financial strain and support an eventual
recovery in demand in H2
    ** Nearly 50,000 shares traded vs 30-day avg of about 9,000
    ** Stock down 7.3% YTD


($1 = 1.6100 New Zealand dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))