NZ Tourism Holdings H1 Back In Black

February 23, 2012

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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.