After one-off gains of $24.3m, the company's net profit leapt by 107 per cent to $62.7m. Photo / supplied
After one-off gains of $24.3m, the company's net profit leapt by 107 per cent to $62.7m. Photo / supplied
Tourism Holdings said its net profit, before one-off gains, jumped by 24 per cent in the June year to a record $37.5 million.
After one-off gains of $24.3m, the company's net profit leaped by 107 per cent to $62.7m.
Chief executive Grant Webster, said it was a complex result withone-off gains, USA tax changes, the effects of the first full year of El Monte and exchange rate movement impacts.
"The EBIT [earnings before interest and tax] improvement of 33 per cent in the prior corresponding year represents a great growth rate; however, we still had opportunities and have an intense focus on addressing New Zealand vehicle sales shortfalls in the first quarter of 2019," he said in a statement.
Tourism Holdings chief executive Grant Webster. Photo/NZ Herald.
The company declared a final dividend of 14 cents, taking the full year dividend to 27- up 29 per cent on the previous year's.
The company said the $24.3m was a non-cash gain arising from the contribution of assets to TH2 - a global digital platform for the recreceational vehicle (RV) industry which it owns jointly with Thor Industries Inc - the largest RV manufacturer in North America.
Tourism Holdings said the accounting move was in recognition of value that was present in TH2 but "not recognised fully" by the market.
Webster added the creation of TH2 was the highlight of the year, given the potential of this business, and that it planned in invest $15 million in venture in 2019.
Tourism Holdings is the largest provider of holiday campervans for rent and sale in Australia, New Zealand and the United States.
Within New Zealand it operates Kiwi Experience and the Discover Waitomo experiences.
The company is the largest provider of RVs for rent and sale in Australia and New Zealand, and the second largest in North America.
In the US, Tourism Holdings owns and operates the Road Bear RV Rentals & Sales brand and El Monte RV Rentals & Sales.
