20 Aug 2008

Australian earnings drive THL profit

12:28 pm on 20 August 2008

Tourism Holdings says its Australian business fueled a 7% rise in net profit, to $14.3 million in the year ended June.

While the Australian business has boomed, chief executive Trevor Hall says that New Zealand has been flat.

The motor home operator says Australian earnings offset a disappointing result in its vehicle builder Ci Munro, which made a $3.3 million loss during a move from Otorohanga to Hamilton.

Tourism Holding has been streamlining its business into motor homes and selling Johnston's Coachlines, Airbus Express, Kelly Tarltons and its Milford Sound assets.

After selling non-core assets, Mr Hall says Tourism Holdings will look for acquisition opportunities to add to its existing businesses.