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AAA Auto Group Advances After Profit Triples: Prague Mover

Nov. 1 (Bloomberg) -- AAA Auto Group NV, a Czech chain of used car dealerships, rose to its highest level since March 2011 after saying profit almost tripled in the nine months through September as more cars sold at higher prices.

AAA rose 1.59 koruna, or 6.3 percent, to 26.79 at the 4:30 p.m. close in Prague, its highest level since March 30, 2011.

Net income for the nine months ended Sept. 30 increased to 15.82 million euros ($20.47 million) from 5.3 million euros for the same period a year earlier, the Prague-based company said in a statement.

The car dealer also said that it should achieve full-year net income of 20 million euros.

The results are “positive” and AAA Auto should achieve its full-year goals without any “major” problems, Cyrrus AS’ analyst Jiri Simara wrote in a report to investors today. Simara’s rating on the stock is under review.

To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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