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Skyline benefits from tourism lift to record visitor numbers

By Chris Hutching

Friday 26th May 2000

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A boost in the tourism sector has helped Queenstown-based Skyline Enterprises, which posted a strong result for the year ending March 31.

Revenue was up 8% to $21.6 million, producing a profit before tax of $8.6 million. Tax and abnormals took $2.06 million leaving the after-tax profit at $6.6 million.

Skyline's restaurant, gondola (421,000 passengers) and luge at Queenstown enjoyed record numbers and the Blue Peaks Lodge and Mountain View Lodge performed better than last year. An apartment development on the Blue Peaks site was under way and progressing well, Skyline chairman and major shareholder Barry Thomas said.

Visitors to Skyline's gondola and luge at Rotorua business were up 10% at 338,000.

Skyline also receives dividends from its investment in Christchurch Casino (as opposed to consolidating the income) and it also has a stake in the Dunedin Casino. A joint-venture casino with Sky City in Queenstown is under construction.

Skyline will pay a total dividend for the year of 10c a share to be paid on the increased capital of one for three shares announced in March.

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