Treble Cone ski field narrows loss in 2012, trims debt

Tuesday 18th June 2013

Treble Cone Investments, which manages the South Island’s largest ski area near Wanaka, narrowed its loss in its latest financial year.

The ski-field operator posted a $651,000 loss in the year ended Oct. 31, from a loss of $849,000 a year earlier, the Dunedin-based company said in accounts filed with the Companies Office. Treble Cone said reducing debt is its top priority and it paid down borrowings in the latest year.

Revenue rose 0.6 percent to $5.4 million as the 2012 ski season started later than average but experienced good snowfalls throughout the 91 open days, the company said. The ski field attracted 96,000 visitors during the season, up from the 92,000 visitors during its 76 open days in 2011.

The ski field, which spans four basins covering 550 hectares of ski area, attracted an average 1,052 visitors a day during the 2012 season, close to its five-year average of 1,059, the company said. The amount spent by each visitor remained at the five-year average and the company aimed for a better result in coming seasons, it said.

Total borrowings dropped to $1.97 million in 2012, from $2.19 million in 2011, according to notes in the company’s financial statements.

The Treble Cone snow season opens this year on June 27 and runs through till Sept. 29. Treble Cone leases the ski field land from the Department of Conservation. The lease was renewed for 30 years during 2006.

“With great pre-season snowfalls and early snowmaking opportunities, the anticipation for this season as measured by advance bookings, season pass sales and social media interactivity is very strong and we’re looking forward to a fun winter,” the ski-field operator said on its website.

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