Tourism Holdings Limited has reported a "disappointing" $1.4 million full year loss.

Its $2.9 million net profit after tax for the year to June 2009 was largely due to the sale of Kelly Tarlton's and Milford Sound Red Boats, along with a joint venture shareholding in InterCity Holdings Limited.

Tourism Holdings (THL) chairman Keith Smith said the operating loss after tax of the continuing businesses was "disappointing" at $1.4 million, but it reflected the general state of trading conditions with the tourism industry.

The company gained $4.3 million from the sale of those businesses, against a backdrop of last year's result, where the $14.3 million net profit also included $6.7 million gains from the sale of some businesses.

Total operating revenue was $169.3 million, down 2% from 2008 but the $1.4 million operating loss from continuing operations was down 118%, from $7.6 million in 2008.

The figure also included costs of $1.6 million pre tax from redundancies and restructuring, he said.

The Waitomo Group and Kiwi Experience provided the most positive aspect of the result, with ebit from the two operations rising to $3.9 million from $3.2 million in 2008.

Mr Smith said the company was under pressure in the Asian markets, the backpacker segment had held up, maintaining its momentum.

The Waitomo visitor centre rebuild has started and the following year's capital expenditure of $45 million to $50 million includes this cost.

No dividend will be paid. The company's share price was unchanged at 56c at time of publication.