Corporate

The pandemic hurt the industry but how have tourism’s top pay packets fared? Not badly at all in some cases.

Auckland Airport falls into the red but Queenstown and Christchurch manage to stay in the black – but only just.

The operator says its revenue was dragged down by weaker tourism-related business during the pandemic.

MD David Coombes says the travel agent has made heavy cuts to its Kiwi staff and stores.

Online travel booking and expense management company Serko says its $10m share purchase plan has closed oversubscribed with applications totalling approximately $25m.

Major staff restructures, wage subsidies, hiring freezes and a reduction in director salaries were amongst the ways Helloworld cut costs as it responded to the Covid-19 crisis.

Online travel booking and expense management company Serko has raised $47.51m in a share placement.

Online travel booking and expense management company Serko is seeking new equity of up to $55m.

The company is burning through $65m-$85m of cash per month, shareholders hear at the airline’s AGM.

However, NZ remains “a highly desirable and attractive destination”, says the airport operator.

An increase in Sky Waka Gondola sightseeing guests was a saving grace for Ruapehu Alpine Lifts in a difficult ski season.

But FY20 profit and revenue are down and Govt support is helping to keep its Waitomo business open.

“We’re looking to bring ourselves back over a pretty tricky last 100 days and let the industry know we are winning,” executive director and founder John Wikstrom told the Ticker.

The company says its underlying net profit for the period will be about $20m.

Apollo Tourism & Leisure is permanently closing its motorhome manufacturing factory in Auckland.

The company received $337m in insurance to cover the repair bill for the NZICC blaze.

The final quarter of FY20 saw the association “turn full focus to the pandemic” as the industry came to a standstill.

The temporary closure of dozens of hotel rooms has become indefinite.

Revenue from the operator’s NZ jump sites has been hit hard by the pandemic.

Despite “incredible” domestic demand and more cargo, borders need to open for the airline to fully recover.

Australian-based international travel giant Flight Centre says it has laid off 70% of its 22,000 workforce globally and has posted a A$662m bottom line loss.

The pandemic is the most financially threatening event aviation and tourism have faced, says CEO Greg Foran.

The airline has announced one of the biggest losses in its history due to Covid-19 restrictions.

New Zealand revenue contributions to ASX-listed Webjet fell in the year ended June by 39% to $20m as the effects of Covid-19 came into play.

Loss of cruise ship visits contributed to a decline in FY20 earnings, says Port Napier.

Auckland International Airport employees will have the chance to buy into the company after the board approved a share purchase plan.

A bumper first half and swift action to cut costs and pause capex saw Queenstown Airport Corporation post an 8% increase in profit in its full year results.

But exactly when NZ’s borders will open fully to international travel was still anyone’s guess, says the CEO.

SkyCity Entertainment Group has revised its expected earnings results for the year ended 30 June 2020 and says it will be “outside” previous forecasts.

It has been the most challenging period it has ever faced, says the company.

Christchurch Airport will suspend dividend payments until it complies with renegotiated bank covenants.

Trading in Augusta’s shares would be suspended after the close of market on 19 August.

Australian company Centuria has more than 94% of acceptances in NZX-listed property syndicator Augusta and will compulsorily acquire remaining shares.

Wellington International Airport has revised the indicative issue margin range of its $75m six-year unsecured, unsubordinated, fixed-rate bonds to institutional and retail investors.

Covid-19 has marked a break in revenue growth for Queenstown-based Skyline Enterprises after a decade of solid gains.

Domestic business was often clustered around school holidays and local bookings were 60% shorter in duration than international bookings.

Wellington International Airport Limited is offering up to $75m of 6-year unsecured, unsubordinated, fixed rate bonds.

The hotel group says in its interim results that it does not believe it has seen the full impact of the Covid-19 crisis.

Wellington International Airport’s bond offer of up to $75m will be used to repay $75m of bonds due to mature in May 2021.

Wellington International Airport is making a bond offer of up to $75m with the ability to accept oversubscriptions of up to $25m.

The operator’s Queenstown and Rotorua attractions have applied for STAPP support.

Augusta Capital’s directors are recommending shareholders accept Australian-listed Centuria Capital’s offer to purchase the investment company.

Australian-listed Centuria Capital’s renewed takeover offer for New Zealand investment vehicle Augusta Capital has gone unconditional after gaining acceptance of 65% of shares.

SkyCity Entertainment Group’s $50m retail share offer is falling back on underwriters to get over the line.

Auckland Airport has carried out a swathe of cost cutting as it reports an expected slump in after-tax profit.

Augusta Capital’s annual net loss of $27m was mainly driven by write downs in the value of two tourism properties.

The operator says it has secured a $225m debt facility with its existing bankers.

Tourism booking levels were down 90% compared on March compared with the same month a year ago, booking software company Serko has reported.

SkyCity Entertainment Group has completed its $180m institutional placement.

The airline will also incur restructuring costs of between $140m and $160m.