May 13, 2019 / 11:50 PM / 2 months ago

Australia's Automotive Holdings cuts 2019 profit forecast

May 14 (Reuters) - Australian car dealer Automotive Holdings Ltd cut its full-year net profit forecast, citing challenging volumes in the automotive sector.

The company, which last week backed a A$836 million ($580.10 million) takeover bid by larger rival AP Eagers , estimated operating net profit after tax (NPAT) of about A$50 million for the 2019 financial year.

In February, its forecast was A$52 million to A$56 million.

$1 = 1.4411 Australian dollars Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Richard Chang

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