Car dealer group Inchcape posted a 69 percent drop in first-quarter profit to 20 million pounds ($30.3 million), but said that was better than it had feared due to an improved performance in Singapore and the UK.
The British-based firm, which trades in 26 countries, said on Thursday like-for-like sales fell 22 percent and that Hong Kong, Europe, Russia and emerging markets remained “very weak”.
“Whilst this is an encouraging start, our expectations for the full year remain unchanged on a constant currency (basis),” it said in a statement.
Inchcape shares plunged over 90 percent last year amid an unprecedented slump in car sales that led it to axe 2,000 jobs, scrap its dividend, reduce stocks and cut capital spending.
The shares have bounced from a low of 5.82 pence this year, after the firm raised 249 million pounds in a deeply discounted rights issue to pay down debt.