May 14, 2019 / 10:56 PM / 6 days ago

Australia's AP Eagers expects softer H1 profit

May 15 (Reuters) - Australian auto retailer AP Eagers Ltd on Wednesday said it expected first-half fiscal 2019 operating profit before tax to be 7%-10% lower than last year, citing a challenging domestic car retail environment.

It is currently in discussions to buyout smaller rival Automotive Holdings Group Ltd, which last week backed a A$836 million ($580.3 million) takeover bid by the company and also cut its full-year net profit forecast on Tuesday. ($1 = 1.4407 Australian dollars) (Reporting by Rushil Dutta in Bengaluru; Editing by Lisa Shumaker)

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