CAPE TOWN - Combined Motor Holdings’ directors were satisfied with the marginal 2percent rise in headline earnings per share to 120.9c in the six months to August 31 given the low growth environment and low consumer confidence levels.
“The results compare favourably with the group's peers and many of the large companies within the retail sector,” they said at the release of the results yesterday.
The interim dividend was held at 61c per share.
Weak economic growth saw national sales of new cars and light commercial vehicles falling 3.5percent in the interim period, with a continued trend towards lower-priced models.
“Only the proliferation of sales incentive schemes and subsidised finance rates has kept this level from further decline.”