Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Tourism Holdings forecasts first-half loss on merger costs

Tourism Holdings forecasts first-half loss on merger costs

Nov. 28 (BusinessDesk) - Tourism Holdings, which merged its campervan rental business with two rivals last month, forecast a first-half loss on costs of the transaction and changes to accounting treatment of its US fleet.

The net loss will be $500,000 to $1 million in the six months ended Dec. 31, down from a year-earlier profit of $4.2 million. Earnings before interest and tax would be $4.2 million to $5 million, down from $11.5 million a year earlier.

The Auckland-based company gave the forecasts at its annual meeting yesterday and released the same guidance to the NZX today.

Costs associated with the $69.5 million merger with rivals United Campervans and KEA Campers would amount to $1.3 million. A change in the accounting treatment of fleet rebates in the US from ‘point of purchase’ to ‘point of sale’ would lop a further $1.2 million off ebit.

The first-half would also compare unfavourably with the same period of 2011, when the Rugby World Cup drove up demand for the company’s campervans.

Shares of Tourism Holdings last traded at 74 cents and have climbed about 25 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

ETS Review: Modelling Documents Released

Three technical documents are being released to help New Zealanders engage with the Emissions Trading Scheme (ETS) review, Climate Change Minister Paula Bennett says. More>>

ALSO:

Northland: Govt Plan Targets Transport, Web, Maori Assets

The government has released a 10-year plan to attract investors and lift economic growth in Northland, a region that perennially underperforms the rest of the country even while being endowed with natural beauty, productive land, minerals, a potential workforce, scope for manufacturing, forestry and aquaculture, and proximity to Auckland. More>>

ALSO:

Statistics: Unemployment Rate Falls To 5.3 Percent

The unemployment rate fell to 5.3 percent in the December 2015 quarter (from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September ... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news