Tourism Holdings falls to loss
Big impairment write-down results in $27.3 million after-tax loss.
Tourism Holdings (NZX:THL) has reported an after-tax loss of $27.3 million for the year to June, thanks largely to a $26.1 million goodwill impairment write-down.
This was down 693% on last year’s after-tax profit of $4.6 million; without the write-down the loss was $1.2 million.
However, there are some bright spots in the result, such as operating revenue increasing 7% to $195.8 million.
Operating ebit before the goodwill impairment of $4.3 million was slightly ahead of the forecast $4.0 million.
Recently acquired US company Road Bear also beat expectations, its ebit of $0.3 million $0.7 million ahead of the forecast at acquisition.
Tourism Holdings says the fall in the greenback has made the US a more attractive tourist destination.
Niko Kloeten
Thu, 25 Aug 2011
Thu, 25 Aug 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Tourism Holdings falls to loss
16575