NZ's Tourism Holdings posts smaller-than-expected profit
WELLINGTON Aug 27 (Reuters) - New Zealand's Tourism Holdings Ltd reported a smaller than expected full year profit on Monday, and said it was battling a drop in foreign tourists and a high exchange rate.
The caravan rental operator and tourist site operator posted a profit of NZ$4.3 million ($3.51 million) in the 12 months to June 30, compared with a loss of NZ$27.3 million a year ago.
The company in February forecast a full year profit of between NZ$5 million to NZ$6 million.
Revenue was boosted by the one-off impact from the Rugby World Cup staged in New Zealand last September and October, while it had concentrated on controlling costs.
It said it would pay a dividend of two cents per share. Last year it did not pay one.
Tourism Holdings runs campervan rental fleets in New Zealand, Australia and the United States, the Waitomo Caves tourist site, and budget bus line NZ Experience.
In February it formed a partnership to build motorhome and caravans.
The company's share price closed at NZ$0.580 on Friday, having fallen around 3 percent so far this year against a rise of 11 percent for the benchmark NZX-50 index.
($1 = 1.2250 New Zealand dollars) (Gyles Beckford)
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