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

 


CityFitness posts profit in 2016

Wednesday 11 January 2017 10:30 AM

CityFitness posts profit in 2016 despite personal training earnings falling

By Rebecca Howard

Jan. 11 (BusinessDesk) - Cityfitness Group, a unit of Canada’s #1 Nautilus Fitness & Racquets Centres Group, reported a lift in net profit in the year to March 2016, turning around the prior year’s loss.

The company, which operates 26 gyms across New Zealand, said its net profit for the year was $557,000 versus a loss of $3.9 million in the prior year. Revenue dipped to $30.9 million from $33 million in the prior year on a slide in personal training fees.

Operating expenses fell to $28.7 million from $34.7 million in the prior year and taxation expenses were lower at $230,000 versus $1.6 million.

While net profit was back in the black, the independent auditor’s report by BDO Wellington noted the company’s current liabilities exceed its current assets by $5.44 million, with current assets at $1.4 million. In the prior year, current liabilities exceeded current assets by $4.9 million.

(BusinessDesk)

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Trade Agreements: TPP Minus US Starting To Gain Ground

The Japanese government is picking up the pace on reviving the Trans-Pacific Partnership trade and investment deal, with talks scheduled next month among the 11 countries left in the pact after the withdrawal by the US after the election of president Donald Trump. More>>

ALSO:

PACER:

Prices Up 2.2%: Annual Inflation Highest In Over Five Years

"Rising petrol prices along with the annual rise in cigarette and tobacco tax lifted inflation," prices senior manager Jason Attewell said. "Petrol prices in New Zealand are closely linked to global oil prices, and cigarettes and tobacco taxes rise in the March quarter each year". More>>

ALSO:

Undertaxed? NZ Income Tax Rate Second Lowest Among Developed Nations

New Zealand workers pay the second smallest portion of their income to the government among developed nations and less than half the average ratio of their Organisation for Economic Cooperation and Development peers. More>>

ALSO:

Cyclone Cook: Round Up Of This Week’s Weather

One of the significant impacts this week was flooding due to excessive rainfall amounts. Rainfall amounts topped out at 350mm over the past 60 hours in parts of northwest Nelson, with 200mm+ measurements recorded about Coromandel Peninsula, and between 150-200mm in the Kaimai Ranges. Rainfall amounts of between 30-50mm were commonplace elsewhere. More>>

ALSO:

Earlier: Batten Down The Hatches For Cyclone Cook

Although fast-moving, Cyclone Cook will be destructive and MetService Expert Meteorologists have issued Severe Wind Warnings for the whole of the North Island apart from Northland... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news