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AAA Auto Increases Most in Year as Profit Triples: Prague Mover

Aug. 30 (Bloomberg) -- AAA Auto Group NV jumped the most in a year after the Czech chain of used-car dealerships said first-half profit almost tripled.

The stock rose as much as 13 percent, the most since August 2011, before dropping to 20.50 koruna, paring the gain to 5.5 percent, by 11:58 a.m. in Prague. AAA Auto’s share turnover today has been more than seven times its three-month daily average.

Net income rose to 8.6 million euros ($10.8 million) from a restated 3.2 million euros in the same period last year as revenue increased 27 percent to 164.5 million euros, Amsterdam-registered AAA Auto said yesterday.

“The results are evidence of the company’s continuously improving performance, and as such we regard them as overall positive,” Jiri Simara, an analyst at Cyrrus AS brokerage in Prague, wrote in a report to clients today.

To contact the reporter on this story: Krystof Chamonikolas in Prague at kchamonikola@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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