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While pay for New Zealand’s top tourism executives might pale next to the $25m paid to Qantas CEO Alan Joyce, most of the industry’s top bosses enjoyed pay rises in FY19.
Air New Zealand’s Chris Luxon is toppled from the top tourism earner’s spot.
Air New Zealand is merging its two regional subsidiaries into its main jet business to “achieve better operational alignment”, says the airline.
The acquisitive operator has launched a review of all its businesses following a A$62.2m write down.
KiwiRail’s tourism division saw revenue increase to $34.8m for the year to June 2019, up 25% on the previous period.
Henry van Asch and Ngāti Tūwharetoa have made separate moves on significant tourism businesses.
After a tough three years, Tourism Holdings’ coach business is diversifying its offering.
NZ rental, Waitomo businesses are highlights after a “difficult, disappointing” year in the USA.
The airline will push ahead with more cost-cutting following a wide-ranging business review.
AIAL has reported a 4.4% increase in underlying profit to reach $275m.
However, the year ahead was looking more challenging, with domestic and key international markets softening.
Queenstown Airport Corporation has reported net profit after tax of $16.6m for the year to June 2019, up 11% on the previous period.
SkyCity Entertainment Group has seen its net profit drop 14.7% to $144.6m in the year to the end of June, rising to a 1.9% gain on a normalised basis.
A one-off tax gain in the US of $1.8m will boost Tourism Holdings’ net profit this year.
Increased costs and competition across NZ has put pressure on room rates, says the hotel group.
The operator is in “late-stage discussions” for a luge operation near Kuala Lumpur.
Trading has resumed this morning in Tourism Holdings’ ordinary shares following a halt yesterday for a shortfall bookbuild.
After resigning from Skyline, the former chair is buying back Totally Tourism off the operator.
The operator cites mandated wage increases as taking a toll on traditional margin levels.
Rotorua’s Polynesian Spa and Auckland’s Rainbow’s End suffered dips in visitor numbers over FY19 with owner Rangatira Investments downgrading its long-term earnings forecast for the latter attraction.
The Auckland attraction has struggled to lift numbers over the past three years.
Fleet, people, and property reductions are planned to turn around falling US sales.
Air New Zealand has cut its FY19 earnings before tax by up to $60m citing increased fuel costs.
New Zealand corporate travel booking software developer, Serko, is stepping up its expansion into North American and European markets after reporting strong growth in its 2019 preliminary results.
SKYCITY Entertainment Group says it now expects its earnings to be flat for FY19.
Tourism Holdings’ share price has stabilised following a profit downgrade induced sell-off before the Easter break.
The operator launches a “decisive” review of its US operations after deteriorating sales in that market.
Tourism Holdings’ digital RV platform says it has created “Australasia’s largest dedicated marketplace for outdoor tourism”.
The operator has sold the concession to operate its 3,200 Auckland car park spaces to Macquarie.
Leslie Preston’s Bachcare has secured investment from a UK holiday rental firm which not only paves the way for continued NZ expansion but also puts international growth in its sights.
However, the airline says it wants to stimulate tourism by tapping into new markets.
Wellington International Airport has raised $100m through the offer of an 11-year, unsecured, fixed-rate bond.
The hotel operator warns of an “urgent change” required to manage costs and revenue in 2019-20.
Wellington International Airport is going ahead with its proposed 11-year, unsecured, fixed-rate bond offer of up to $100m.
Wellington International Airport is considering an 11-year, unsecured, fixed-rate bond offer of up to $100m.
Haka Tourism Group has succeeded in its multi-million dollar bid to take ownership of its Auckland lodge.
The airline is implementing a three-pronged strategy to try and turn around its 34% fall in profit.
CEO Chris Luxon: The airline will be reviewing its network, fleet and cost base as growth slows.
Experience Co’s New Zealand skydive operations have helped drive the group’s interim net profit up by almost two thirds.
Tourism Holdings’ bus tour business is feeling the pinch from a falling youth backpacker market.
The operator’s interim profit has fallen by almost a quarter because of a “challenging” North American market.
The airport saw retail revenue jump to $110.8m in the six months to December 2018.
The airport has cut its target return from 6.99% to 6.62%, compared to the ComCom’s benchmark for airports of 6.41%.
Revenue from the operator’s Great Journeys of NZ business was up 8% in the second half of 2018.
Prospective buyers have approached the liquidator of Heli Tours Queenstown after the business went bust this week.
Major bookings for the flagship $703m venue are under review as delivery blows deadline by 18 months.
SKYCITY Entertainment Group has rejected criticisms of its use of “normalised” results in its company reports citing industry standards.
New Zealand Stock Exchange-listed tourism stocks are this morning on a slow road to recover some of yesterday’s losses triggered by an Air New Zealand profit warning.
CEO Chris Luxon says the airline is concerned with its latest outlook as markets show signs of slower growth.
New Zealand-listed tourism stocks have taken a dive this morning after Air New Zealand slashed its earnings forecast for FY19 on the back of softening travel and tourism.