February 27, 2018 / 7:21 AM / 3 months ago

Car dealership Inchcape's profits soar but expects more challenging 2018 ​

LONDON, Feb 27 (Reuters) - Car dealership chain Inchcape’s reported full-year pre-tax profit rose by a third to 370 million pounds ($517 million) in line with expectations thanks in part to a strong performance in Asia and emerging markets, it said on Tuesday.

But the firm, which operates in 29 countries, said it expected more difficult conditions in 2018.

“We anticipate a more challenging year given continued supply and demand imbalance in our retail markets particularly over the first half of the year as well as new vehicle decline in Singapore, despite continued momentum across the rest of our businesses,” said Chief Executive Stefan Bomhard.

“Overall, we expect to deliver a resilient constant currency performance over 2018,” he said. ​ ($1 = 0.7157 pounds) (Reporting by Costas Pitas, editing by James Davey)

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