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Tourism Holdings Holds Out Hope For Dividend Resumption In 2010

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Nov 10 NZPA - Tourism Holdings Ltd said it may start paying a dividend again in the latter part of the calendar year 2010 if early signs of improvement in some of its businesses continue.

There have been positive improvements in the CI Munro business, better-than-expected revenue in Australian rentals, and a continuation of the improved tourism business performance, chairman Keith Smith told shareholders at the annual meeting.

The company reported a $2.9 million profit in the 2009 financial year but the figure for continuing businesses was a $1.4m loss.

The company is forecasting a result in the range of breakeven to a $1m loss in the first half.

"The full-year position is still unknown and, given ongoing changes in buying patterns, the fluctuations in currency and the current forward book, we are not in a position to provide realistic year-end guidance at this point," Mr Smith said.

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