Carsales.com shares are getting hammered on the first half profit result

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Carsales.com posted a 7% rise in profit to $46.7 million for the first half.

The result was on the back of a 34% rise in revenue to $150.9 million.

CEO Greg Roebuck said the core domestic business is continuing to perform well overall with revenue up 9%.

“Consumer buying activity on the carsales.com.au site was particularly strong through the second quarter and into the new calendar year, which is reflected in dealer used and private seller vehicle inventory,” said Roebuck.

The board declared a fully franked interim dividend of 16.2 cents, up 10%.

But investors marked Carsales.com down, with its shares trading more than 5% weaker. By the close prices recovered to $10.23, down 0.87%..

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