Sharechat Logo

THL downgrades profit again

By Phil Boeyen, ShareChat Business News Editor

Monday 12th February 2001

Text too small?
The country's biggest tourism company, Tourism Holdings, has further downgraded its forecast full year profit from $21 million to between $14 and $16 million.

It's the second time in a matter of months the company has dropped its annual profit forecast. Last November the company announced that the $26.8 million profit flagged in its investment statement would not be reached, and lowered the figure to $21 million.

THL says the new profit target of between $14 million and $16 million has come after reviewing the draft December 2000 result, sales figures for January 2001 and projected forward bookings for the remainder of the financial year.

The company says the unaudited draft six months result to December 2000 of $6.6 million net is down $1 million, or 13%, on last year's result, mainly due to reduced revenues from the Australian Rentals division.

Australian earnings before interest and tax for the period were down 30% compared to last year, while the New Zealand operations generated a 3% increase in EBIT despite a poor ski season, adverse South Island weather and higher fuel prices.

THL is due to make a full half-year announcement on February 27th.

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Tainui appoints ex-Heartland exec Craig Stephen to drive new investment strategy
Utilico sells Tourism Holdings stake for $5.7 mln
Tourism Holdings says annual earnings fell 11 percent to $14.6 million on weak demand in Australia
Tourism Holdings looks to snaffle failed Pacific Horizon's customers, won’t buy assets
GPG's Campbell joins Tourism Holdings board
Tourism Holdings shares fall on earnings guidance cut, weak Australian market
Tourism Holdings forecasts first-half loss on merger costs
Tourism Holdings shareholders give $69.5M merger the nod
Tourism Holdings $69.5M merger offers 'compelling' opportunities
Tourism Holdings shares surge