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NZ's Tourism Holdings full year profit up 7 percent

Tue Aug 19, 2008 5:08pm EDT

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WELLINGTON, Aug 20 (Reuters) - New Zealand tourism operator Tourism Holdings Ltd. (THL.NZ) reported on Wednesday a 7 percent rise in full year net profit on a strong performance from its Australian business.

The company posted a net profit after tax for the year ended June 30 of NZ$14.3 million ($10.2 million), compared with NZ$13.4 million the year before.

It decared an unchanged dividend of 6 cents per share.

Shares in Tourism Holdings closed on Tuesday at NZ$1.42, and have lost 39 percent so far this year compared to a 17 drop in the benchmark top 50 index .NZ50.

In June the company forecast a profit of NZ$13-14 million, and said it would sell assets worth around NZ$26 million to pay off debt, and concentrate on its core business.

On a continuing operations basis Tourism Holdings made a net profit of NZ$8.1 million, compared with NZ$9.3 million for the same businesses in 2007.

The company operates fleets of rental campervans in New Zealand and Australia, tourist bus services, as well as tourism attractions such as the Waitomo glow worm caves.

Tourism Holdings said forward bookings for its rentals were down 9 percent on a year ago, and it plans to increase capital spending on new vehicles in Australia and New Zealand. ($1=NZ$1.40)



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