19 Feb 2009

Tourism Holdings takes profit hit

11:36 am on 19 February 2009

Tourism Holdings has reported a half-year loss of $300,000 and says the next six months will be tough as the global financial crisis restricts travellers' budgets.

Tourism Holdings has reported a half-year loss and says the next six months will be tough as the global financial crisis restricts travellers' budgets.

The company made a loss of $300,000 in the six months to the end of December, compared with a profit of $4.9 million for the same period the year before.

It will not pay an interim dividend, and says it expects to make a small full year profit, though it will be lower than the year before.

Tourism Holdings chief executive Grant Webster expects the backpacker market to hold up over the next six months but has concerns about the numbers of British tourists.

Mr Webster says Tourism Holdings' Waitomo and Kiwi Experience businesses made more profit than in the previous half year.