AUSTRALIA’S oldest listed automotive retail group, A.P. Eagers Ltd, expects its sixth consecutive record profit for the 2016 calendar year on the back of rising new and used car sales.

In a statement to the Australian Securities Exchange today, managing director and CEO Martin Ward said A.P. Eagers expects a statutory net profit before tax of $141.4 million for 2016, a substantial increase of 17 per cent on the $121 million posted in 2015.

“The result exceeds the company’s forecast profit range of $135 million to $140 million announced in November 2016,” he said.

Mr Ward said final results were subject to the completion of an external audit review and asset assessments.

“However, preliminary assessments indicate there will not be any material adjustment to profit and loss,” he said.

The final result will be released on February 22 following the audit.

A.P. Eagers’ share price closed at $8.89 per share on Tuesday, down from the year’s opening price of $9.19.

By Neil Dowling