(Adds shares in fourth, 10-month sales in fifth paragraph.)
Nov. 16 (Bloomberg) -- AAA Auto Group NV, a chain of used- car dealerships in central and eastern Europe, said profit rose 53 percent in the first nine months of the year as the company focused on best-selling models to boost margins.
Net income for the first three quarters rose to 5.2 million euros ($6.9 million) from 3.4 million euros in the year-ago period, the company said today on its website. Revenue rose 35.4 percent to 201.5 million euros.
The retail used-car market is substantially stronger and the company has been benefiting from focusing on the best- selling models that boosted the total gross profit per a car, the Amsterdam-registered AAA said in the statement. AAA maintains “conservative” expectations for the rest of 2011 due to weaker winter season, it said.
AAA gained 0.34 koruna, or 1.9 percent, to 18.35 as of 9:32 in Prague trading.
AAA sold 37,857 cars in the first 10 months of 2011, up 13.3 percent from a year ago, it said. The average price of a car sold by AAA rose 18.4 percent in the first nine months of the year, it said.
The company opened its first dealership in Russia. AAA will specify the costs linked to the Russian expansion with the full- year results, it said. AAA will be opening more branches in the Czech Republic and Slovakia through 2012 depending on the macro- economic development, it said.
--Editor: James M. Gomez
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