The Queenstown gondola was a good earner for Skyline.
The Queenstown gondola was a good earner for Skyline.
KEY POINTS:
Tourism, casino and property company Skyline Enterprises has announced a net profit for the year to March 31 of $14 million, up from $12.2m a year earlier.
Chairman Barry Thomas said all tourism subsidiaries exceeded last year's profitability.
Record passenger numbers were carried on both the Queenstown andRotorua Gondolas, with the respective luges also carrying record numbers.
The outstanding performer was probably the new Sentosa Chairlift and Luge in Singapore which, although still overcoming early set-up costs, had encouraging profitability, Mr Thomas said.
Christchurch Casino was slightly flat on last year but overall profitability was more than satisfactory.
Some additional refurbishment and upgrading costs would have an impact in the next two years, he said.
Imputed dividends received from Christchurch Casino were down about $1m, but that was mainly due to timing matters.
Dunedin Casino had some development programmes in hand which should give the business greater opportunities. Profitability had been sound.
Some high-rolling businesses at Sky City Queenstown Casino had some good returns but the overall market remained very competitive, Mr Thomas said.
An increase in annual dividends to 25c per share was being recommended, from 22c last year.
Skyline shares last traded at $6.15 on the Unlisted trading facility.
