New Zealand-based tourism industry expected to see its biggest decline in four years due to expected revenue cuts
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Reuters
New Zealand-based tourism industry expected to see its biggest decline in four years due to expected revenue cuts
May 5, 2024, 11:32 PM GMT
BUZZ – New Zealand-based tourism industry sees profit drop for the first time in four years due to lower revenue forecast
** Tourism Holdings THL.NZ’s share price fell by up to 31% to NZ$1.98, its biggest loss since 23 March 2020.
** Stock price reached its lowest since September 14, 2020
** The tourism company announced that it has lowered its FY24 net profit after tax guidance to NZ$53 million ($30.06 million to $31.86 million) from NZ$50 million ($30.06 million to $31.86 million), down from the previous guidance of NZ$75 million.
** FY25 forecast currently expected to be below FY23 pro forma NPAT of NZ$77.1 million
** Economic slowdown negatively impacted most regions and business sectors, lowering expectations for the fourth quarter – Tourism Holdings
** Stock price is down 25.5% at year’s close
($1 = 1.6636 New Zealand Dollar)
Report by Poonam Behra in Bangalore
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