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A new "thrilling ride" should open at Rainbow's End theme park next month, New Zealand Experience says.

The ride was of international quality, NZE chairman Tony Frankham told shareholders at the annual meeting yesterday.

"It will contain some real thrills and is something that a parent could ride with a child if required, so it's something that will cater to 5, 6-year-olds up to 13, 14-year-olds and over," he said.

NZE is hopeful the attraction, which opens on December 10, will have a positive effect on visitor numbers.

The company reported a 12.5 per cent fall in profit to $916,000 in the year to June 30, 2009.

The decrease is a result of the global economic environment, though NZE also places some blame on the inability to provide a new attraction at the park because of leasing matters.

"We know that we need to rejuvenate the park by a new ride every three years or so. Until we were able to be satisfied with the extension of our lease, we were unable to put in a ride last year. We think that we suffered because of that," said Frankham.

The park's lease with Manukau City Council was to expire in 2019, but negotiations for an extension to 2035 have progressed, subject to final approval by both the council and Rainbow's End. The agreement also has to be approved by the Auckland Transition Authority.

In August 2008, Rainbow's End raised admission prices to offset rising operating costs, reducing the financial effect of the recession.

NZE said operating costs were closely monitored. Wage rates were 20 per cent greater than 2006 levels, yet the total of all non-payrolls costs had been held at 2006 levels.

- NZPA