NZ Tourism Holdings H1 Back In Black
New Zealand's Tourism Holdings returned to profit in the first half on Thursday as it received a lift from an influx of visitors for the Rugby World Cup.
The troubled tourist site operator and caravan rental operator posted a profit of NZD$4.2 million (USD$3.5 million) in the six months to December 31 compared with a NZD$1.3 million loss a year ago.
The company said it expected a profit of between NZD$5 million and NZD$6 million for the full year, from last year's NZD$27.3 million loss.
It announced a dividend of two cents per share, after failing to reward shareholders during the previous year.
Tourism Holdings on Tuesday announced a partnership with Kea Manufacturing to create RV Manufacturing Group, which would buy the motor home and caravan manufacturing businesses of the two companies.
The announcement came after a failed takeover offer of Tourism Holdings by Ballylinch, a limited New Zealand partnership believed to be an investment vehicle for New York-based private equity investor Sterling Grace.