Wednesday 11th January 2017
|Text too small?|
Cityfitness Group, a unit of Canada’s #1 Nautilus Fitness & Racquets Centres Group, reported a lift in net profit in the year to March 2016, turning around the prior year’s loss.
The company, which operates 26 gyms across New Zealand, said its net profit for the year was $557,000 versus a loss of $3.9 million in the prior year. Revenue dipped to $30.9 million from $33 million in the prior year on a slide in personal training fees.
Operating expenses fell to $28.7 million from $34.7 million in the prior year and taxation expenses were lower at $230,000 versus $1.6 million.
While net profit was back in the black, the independent auditor’s report by BDO Wellington noted the company’s current liabilities exceed its current assets by $5.44 million, with current assets at $1.4 million. In the prior year, current liabilities exceeded current assets by $4.9 million.
No comments yet
MARKET CLOSE: NZ shares gain as A2 calms critics with strong sales
NZ dollar may extend rally on signs of gradual Fed rate increases
Larry Ellison's NZ yacht company key to America's Cup rival
Port of Tauranga eyes record $101mln 2019 profit on cargo growth
Marsden Maritime eyes benefits from upper North Island transport study
NZ screen sector needs special employment carve-outs to stay competitive
A2 shares climb 7.7% as Chinese formula sales grow
NZ software firm SwipedOn sells for $11 million
AWF Madison drops 3.7% as failed construction firms dent earnings
Genesis partners with Tilt in Taranaki wind farm