The Carsales.com Ltd (ASX: CAR) share price is rebounding higher today after it went into reverse this week after delivering a weaker-than-expected profit report for the six months ending December 31 2018.
For the period, Carsales delivered an adjusted net profit after tax of $60.2 million on revenue of $235 million, which were down 2% and up 17% respectively.
Carsales declared an interim dividend of 20.5 cents per share (flat on the prior corresponding period) with an ex-dividend date of March 19 and payment date of April 4.
The Carsales share price fell 6% on the day of the report from $12.18 to $11.52, but today has recovered to $11.90 potentially on the back of broker reports or improved sentiment around the business.
While Carsales' domestic businesses including its Stratton Finance group performed weaker than expected due to the local economy, its SKEncar business in South Korea grew strongly and looks to have potential.
As such the report was a mixed bag, which is being reflected by an oscillating share price.
