Vancouver-based Ritchie Bros. Auctioneers Inc.'s (TSX, NYSE:RBA) profits sagged slightly in the second quarter, but the world's largest auctioneer generated record auction revenues in the first half of 2009.
The company's net earnings for the three months ended June 30 were $38.8 million, compared with $45.9 million in the same period in 2008.
The company achieved gross auction proceeds of $1.11 billion in Q2, a 5% decrease compared with Q2 2008.
However, auction revenue was $120.5 million in Q2, versus $115.8 million in Q2 2008, as the company reduced general and administrative expenses to increase its auction revenue rate.
Ritchie Bros. also opened three new auction facilities in the first half of 2009.
Ritchie Bros.' share price this week ranged between $26.75and $25.80; 52-week high: $31.00; 52-week low: $18.05.