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Carsales.com profit hit by pandemic but maintains dividend

Online car classifieds group carsales.com has reported a 9 per cent fall in its statutory net profit largely due to the impacts of COVID-19, but has maintained its final dividend at the same level as last year.

The ASX-listed $4.8 billion company reported a bottom line profit of $120 million for the 2019-20 financial year, down from $132 million a year earlier, but ahead of the $118.1 million market consensus figure.

Carsales chief executive Cameron McIntyre says the business has proven its resilience during COVID-19.

Carsales chief executive Cameron McIntyre says the business has proven its resilience during COVID-19.Credit:Justin McManus

The result was dragged down by the significant impact of COVID-19 in the second half, with the company unveiling a $28 million package of financial assistance for its auto dealer customers, and extension of payment terms for advertising on its site.

Consumer spending on vehicles was also hit during the June half by lockdown restrictions that shut businesses and kept consumers at home, or severely restricted their movements.

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