Queenstown-based tourism and property giant Skyline Enterprises reports revenue and trading profit’s up over last year in its preliminary profit announcement, released to shareholders last Friday.
On the back of tourism volumes bouncing back to about 80% of pre-Covid levels, underlying trading profit is at $63 million, up from $59m, and revenue from continuing operations is at $221m, as against $183m.
"We are thrilled with the trading performance results given the challenging inflationary environment and the pressure on discretionary spending for consumers the world over," chairman Peter Treacy states.
However, the unaudited preliminary profit before tax is $29.8m, compared with $71.3m last year. That reflects "impairments" because of lighter than forecast trading for its South Korean luge, due to the country’s economic challenges and "competition from copy sites", and for Christchurch Casino due to patrons’ lower disposable incomes.
The report says Skyline Queenstown "performed particularly well", despite the two-month closure for the gondola changeover last year.
"Strong visitation from Australia and the United States, and the welcome return of the wider international market, saw trading surge."
Skyline directors have determined a final dividend of 65 cents per share, totalling just over $22m.
