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

 


Skyline Enterprises keeps FY dividend unchanged

Skyline Enterprises keeps FY dividend unchanged on flat earnings

By Paul McBeth

July 10 (BusinessDesk) - Skyline Enterprises, the Queenstown-based tourism company whose shares trade on the Unlisted platform, will pay shareholders the same dividend for the 2014 financial year as underlying earnings were largely flat from a year earlier.

The board has elected to pay a dividend of 37 cents per share, or $12.6 million, for the year ended March 31, unchanged from a year earlier, when it lifted the return by 3 cents, it said in a statement. Earnings before revaluations, amortisation, depreciation, tax and insurance proceeds slipped to $25.3 million from $26.2 million. Subject to audit confirmation, pre-tax profit climbed to $52.8 million from $17.2 million due to $27.7 million of gains from property revaluations, insurance proceeds, a reduction in write-offs and amortisation, and full ownership of the Christchurch casino, it said.

"With trading results on par with last year, the continued investment in offshore luge and reinvestment in our established businesses, directors have adopted a prudent approach in terms of the dividend payment," chairman Mark Quickfall said.

Shares of Skyline last traded at $11.20, valuing the tourism company at $381.3 million.

Skyline's Queenstown gondola business reported record visitor numbers last year, while the Rotorua gondola result was slightly ahead of the year earlier, the company said.

Its international luge was in line with the 2013 result, and construction of the Korean operation is expected to be open in late 2015.

Its Totally Tourism unit, which it acquired in 2011, reported flat earnings, and Skyline is looking for operational efficiencies to improve the performance, it said.

The Christchurch casino reported an 8 percent increase in guest numbers, though is still below the pre-earthquake levels, while its Mercure Leisure Lodge and Blue Peaks Lodge properties reported strong growth in occupancy rates.

Skyline will hold its annual meeting on Sept. 13.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news