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Tourism Holdings Limited Profit Forecasts

Tourism Holdings Limited Profit Forecasts

The Tourism Holdings Limited Board of Directors have reviewed the latest profit forecasts to June 2003 based on the latest trading results and forward bookings. The Company now forecasts that a Net Profit After Tax (NPAT) of between $4.5m and $5.5m including unusual items is likely. This compares to $6m to $8m excluding unusual items forecast at the interim results release on the 28th February 2003. Unusual items are expected to be a positive $0.5m after tax for the year.

Since the interim results release there has been the Iraq War and SARS has emerged impacting international travel negatively and significantly reducing air capacity.

Expenditure is being tightly managed during this period, which will leave total debt below $56m at year end compared to $79m last year (excluding cash on hand).

The Board are unable to make a forecast for 2004 at this point in time as the severity and length of the SARS impact on travel patterns is unknown.

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