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

 


Tourism Holdings may beat annual profit guidance

Tourism Holdings may beat annual profit guidance

By Tina Morrison

July 2 (BusinessDesk) - Tourism Holdings, the largest holiday vehicle rental business in New Zealand and Australia, may beat its annual profit guidance.

The Auckland-based company expects to "meet or exceed" its February forecast for profit to rise to $10.5 million in the year ended June 30, from $3.8 million a year earlier, it said in a statement citing unaudited figures. Its earnings will be released Aug. 26, when it expects to detail forecasts for the coming financial year, it said.

The company expects to achieve further growth in its 2015 financial year and deliver on its key objective of achieving an appropriate rate of return on funds employed in the Australian and New Zealand rentals businesses, it said.

Tourism Holdings has been lowering its debt since it bought rivals United Campervans and KEA Campers to reduce overall fleet numbers and boost profitability in 2012. Net debt in the year just ended is expected to fall to $90 million, lower than its February forecast of $95 million and down from $97 million in December, the company said.

The company's shares last traded at $1.12 and have gained 19 percent so far this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

China Shopping: NZ-China FTA Upgrade Agreed Among Slew Of New Deals

New Zealand Prime Minister Bill English and China Premier Li Keqiang signed off a series of cooperation deals spanning trade, customs, travel and climate change and confirmed commencement of official talks on an upgrade to the nine-year old free-trade agreement between the two countries. More>>

ALSO:


Media: TVNZ Flags Job Cuts To Arrest Profit Decline

Chief executive Kevin Kenrick said the changes were aimed at creating "a sustainable future video content business for TVNZ in an ever-changing media market." More>>

ALSO:

Reserve Bank: Wheeler Keeps OCR At 1.75%

Reserve Bank governor Graeme Wheeler kept the official cash rate unchanged at 1.75 percent, as expected, and reiterated his view that the benchmark rate doesn't need shifting for the foreseeable future. More>>

ALSO:

Trade Plans: Prime Minister's Speech To International Business Forum

"The work to improve public services, build infrastructure, and solve social problems is possible only because we have enjoyed sustained, solid economic growth. A big reason for that is the Government’s consistent agenda of economic reform, and our determination to open up more opportunities for trade with the world." More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news