Treble Cone skifield narrows its loss, reduces debt
A loss of $651,000 posted in the year ended October 31, down from $849,000 a year earlier.
Treble Cone Investments, which manages the South Island's largest ski area near Wanaka, narrowed its loss in its latest financial year.
The skifield operator posted a $651,000 loss in the year ended October 31, from a loss of $849,000 a year earlier, the Dunedin-based company says in accounts filed with the Companies Office. Treble Cone says reducing debt is its top priority and it paid down borrowings in the latest year.
Revenue rose 0.6 percent to $5.4 million as the 2012 ski season started later than average but experienced good snowfalls throughout the 91 open days. It attracted 96,000 visitors during the season, up from 92,000 during its 76 open days in 2011.
The skifield, which spans four basins covering 550ha of ski area, attracted an average 1052 visitors a day during the 2012 season, close to its five-year average of 1059, the company says. The amount spent by each visitor remained at the five-year average and the company aimed for a better result in coming seasons.
Total borrowings dropped to $1.97 million in 2012, from $2.19 million in 2011, according to notes in the financial statements.
The Treble Cone snow season opens this year on June 27 and runs until September 29. The company leases the ski field land from the Department of Conservation. The lease was renewed for 30 years in 2006.
"With great pre-season snowfalls and early snowmaking opportunities, the anticipation for this season as measured by advance bookings, season pass sales and social media interactivity is very strong and we're looking forward to a fun winter," the company says on its website.
(BusinessDesk)
Tina Morrison
Wed, 11 Jul 2018
Wed, 11 Jul 2018
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Treble Cone skifield narrows its loss, reduces debt
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