Carsales lifts ad rev­enue

Townsville Bulletin - - NEWS -

ON­LINE clas­si­fieds busi­ness Carsales. com says tyre sales and ve­hi­cle in­spec­tions have been the main driv­ers of its rev­enue growth.

The com­pany’s rev­enue rose 8 per cent to $ 372 mil­lion in the year to June 30, while net profit was steady due to one- off charges re­lated to in­vest­ments in its in­ter­na­tional busi­ness.

Rev­enue from pri­vate clients, which in­cludes used car ad­ver­tise­ments, rose 27 per cent, while in­come from deal­ers grew 8 per cent, re­cently in­stalled chief ex­ec­u­tive Cameron McIntyre said.

Mr McIntyre, who re­placed co- founder Greg Roe­buck as chief ex­ec­u­tive in March, said Carsales lost some ad vol­ume as a re­sult but rev­enue ben­e­fited from an in­crease in clients choos­ing costlier pre­mium ads. EX­CITE­MENT over the global bat­tery mar­ket is fu­elling a scram­ble in Aus­tralia to in­vest in projects to mine min­er­als es­sen­tial to the sec­tor.

That ex­cite­ment has been on show this week at the an­nual Dig­gers and Deal­ers min­ing con­fer­ence in Kal­go­or­lie, Western Aus­tralia, where min­er­als such as lithium, graphite and cobalt — es­sen­tial for elec­tric ve­hi­cles and bat­ter­ies be­ing de­vel­oped by the likes of Tesla — en­joyed plenty of at­ten­tion.

While a huge po­ten­tial de­mand- sup­ply gap is lead­ing to devel­op­ment of large projects based on solid fun­da­men­tals, it is also sup­port­ing ven­tures that some worry could lead to headaches.

The upbeat sen­ti­ment is based on fore­casts of a mas­sive short­age of raw ma­te­ri­als. COM­MON­WEALTH Bank chief ex­ec­u­tive Ian Narev ad­mits the bank has “made mis­takes” re­lated to al­leged breaches of anti- money laun­der­ing and counter- ter­ror­ism fi­nanc­ing laws.

Mr Narev is among the bank’s ex­ec­u­tives to have their 2017 bonuses slashed in re­sponse to al­le­ga­tions by reg­u­la­tor AUSTRAC — the Aus­tralian Trans­ac­tion Re­ports and Anal­y­sis Cen­tre — that CBA failed to pro­vide the nec­es­sary on- time re­ports for more than 53,500 trans­ac­tions.

“It’s been a tough time at the Com­mon­wealth Bank since the AUSTRAC pro­ceed­ings were filed and we’re tak­ing them very se­ri­ously,” Mr Narev said yes­ter­day. “We know that we’ve made mis­takes; we have fixed a lot of those mis­takes and we will con­tinue to look to make our busi­ness bet­ter and bet­ter.” AUSTRAC al­leges CBA failed to pro­vide on- time re­ports for more than 53,506 cash trans­ac­tions of $ 10,000 or more through its In­tel­li­gent De­posit Ma­chines be­tween Novem­ber 2012 and Septem­ber 2015.

CBA, which has al­ready blamed a cod­ing er­ror, yes­ter­day said a sub­com­mit­tee of four di­rec­tors will over­see the bank’s re­sponse to the civil pro­ceed­ings launched by AUSTRAC in Fed­eral Court.

The bank’s chair­man, Cather­ine Liv­ing­stone, said any er­rors would have been un­in­ten­tional.

“The board notes that it has no rea­son to be­lieve that the al­le­ga­tions arose from de­lib­er­ate or un­eth­i­cal be­hav­iour, or any com­mer­cial mo­tive,” she said. CBA said that, since it dis­cov­ered and fixed the er­ror in 2015, it has changed over­sight of fi­nan­cial crimes com­pli­ance and up­graded mon­i­tor­ing.

“Com­mon­wealth Bank takes its le­gal and reg­u­la­tory obli­ga­tions very se­ri­ously, in­clud­ing its role in work­ing with AUSTRAC, other agen­cies and law en­force­ment bod­ies,” Ms Liv­ing­stone said.

“It is com­mit­ted to main­tain­ing a strong, co- op­er­a­tive work­ing re­la­tion­ship with AUSTRAC.”

CBA on Tues­day slashed to zero short- term bonuses for Mr Narev and his ex­ec­u­tives in re­sponse to the al­le­ga­tions.

Cather­ine Liv­ing­stone.

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