New Zealand’s Tourism Holdings Shows a Profit
New Zealand’s Tourism Holdings Ltd. returned to profit in the first half as it got a lift from an influx of visitors for the Rugby World Cup.
Reuters reported that the troubled caravan rental operator and tourist site operator posted a profit of $3.5 million in the six months to Dec. 31, compared with a $1.3 million loss a year ago.
The company said it expected a profit of between $4.2 million to $5 million for the full year, from last year’s $22.8 million loss.
It announced a dividend of two cents per share, after failing to reward shareholders during the previous year.
Tourism Holdings on Tuesday (Feb. 21) announced a partnership with Kea Manufacturing (New Zealand) Limited to create RV Manufacturing Group LP (RVMG), which would buy the motorhome and caravan manufacturing businesses of the two companies.
The announcement came after a failed takeover offer of Tourism Holdings by Ballylinch, a limited New Zealand partnership believed to be an investment vehicle for New York-based private equity investor Sterling Grace.