Sharechat Logo

No pot of bold at Rainbow's End

By Phil Boeyen, ShareChat Business News Editor

Wednesday 30th August 2000

Text too small?
A difficult trading year at Auckland theme park Rainbow's End is behind a lower profit result for listed entertainment company NZ Experience.

The company has made an after tax profit of $25,000 for the year ended June, compared with $120,000 last year.

It says Rainbow's End faced increased competition from the America's Cup Village, as well as adverse weather conditions. Plans are in place to bring a major new attraction to the theme park by the end of next year in a bid to boost visitor numbers.

The Christchurch Gondola experienced improved trading in the year with increasing numbers using the facility for dining and functions. As a result, the Gondola produced a positive contribution to group earnings.

NZ Experience says a significant achievement for the group in the year was the 20% reduction in the company's bank debt to $3 million, which has helped to reduce interest costs. It says looking ahead it will continue to reduce its core debt by a further $800,000 in January next year, with a view to then investing in the new ride at Rainbow's End..

  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:

NZ dollar falls, NZX suspends trading after 6.2 magnitude Wellington earthquake
Cash trading on New Zealand stock exchange surges in first half, driven by equities
NZX cash trading tops $5 bln as MightyRiverPower listing beefs up market
NZX cash trading value jumps by 58 percent in February from a year earlier
NZX looks to launch spot gas market in June
NZX full-year profit falls 32 percent
NZX boss Bennett rounds out 2012 filings with $1.87M share acquisition
Equity trading jumps in NZX cash market as NZX 50 nears 5-year high
NZX names Amelia Wong as head of cash markets
NZX rings more changes as PR chief Macrae exits