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Aussie-Based Tourism Holdings Posts Net Loss

Campervan operator Tourism Holdings Ltd. has reported a second-quarter after-tax loss due mostly to a write-down on its New Zealand and Australian rentals business, according to a report on Stuff.co.nz.

However, tough trading conditions have played their part. The company signaled the $26 million non-cash goodwill write-down on its rentals businesses in May.

It has announced a net loss after tax of $27.3 million for the year to June, down from a $4.6 million profit in 2010.

The corporate said its tourism sector businesses had been impacted by the effects of the recurring Christchurch earthquakes, the Queensland floods and the high New Zealand dollar against the euro and the pound.

It said the most appropriate comparative measure of its performance was operating earnings before interest and taxation (EBIT), which was $4.3 million, down from $9.9 million the previous year.

However there were bright spots. Its U.S. motorhome sales and rentals business Road Bear, purchased in December, achieved EBIT of $0.3 million, which was above expectations.

More production for Australia helped its caravan and campervan manufacturing subsidiary Ci Munro achieve EBIT of $0.5 million, compared with a loss of $1.9 million last year.

Revenue for the group increased from $182 million to $196 million, including six months of Road Bear and increased fleet sales.

Fleet sales including Road Bear generated $41 million of revenue and $7.0 million of margin, compared with $30 million and $4.4 million a year earlier.

Its total fleet size increased from 3,000 to 3,773, including those acquired with the purchase of Road Bear.


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