14 HOURS AGO FEBRUARY 12, 2014 5:30PM SHAREShare on FacebookShare on TwitterShare on Google+Share on LinkedInShare on Reddit TEXT SIZEIncrease Text SizeDecrease Text SizePrintEmail File photo of new car Carsales.com has lifted its first half profit more than 17 per cent to $43.9 million. Source: AAP NEW products and expansion into Asia and Brazil Online have contributed to a 17 per cent rise in half year profit for classifieds business Carsales.com. And the new and used car seller expects earnings to grow by 15 per cent in the full year. Carsales shares gained 62 cents, or 6.6 per cent, to $10.00. Chief executive Greg Roebuck says the company had been busy launching products in the past six months, most of which enhance the experience of its customers and make it easer to find cars. Revenue from the company's dealer and data services business was up 12 per cent, while revenue from private sellers rose seven per cent, despite the cars sector being squeezed by manufacturers withdrawing new car inventory. Mr Roebuck said the company's investments in Webmotors, the largest online automotive classifieds business in Brazil, and in iCar Asia, were also performing well. Carsales made a net profit of $43.9 million in the six months to December 31, up from $37.6 million in the same period a year earlier. The company expects to repeat the performance during the second half and has forecast full year earnings of around $138 million, compared to $120 million in 2012/13.
CRZ Price at posting:
$10.00 Sentiment: None Disclosure: Held
