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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.
The company wants to bolster its balance sheet to help cope with the impacts of Covid-19.
The resignations are the latest high-profile departures from the country’s beleaguered tourism industry.
NZX-listed Augusta Capital is again the target of a takeover, with Australian company Centuria renewing an earlier bid.
Air New Zealand has highlighted its $900m facility from the Government in response to speculation it is considering a capital raise both here and in Australia.
Wellington International Airport Limited has secured a $75.76m facility from its two shareholders to help cope with the impact of Covid-19.
Tourism stocks have rallied with Tourism Holdings leading the charge.
Tourism companies listed on the stock exchange have recovered some lost ground this week after announcing restructuring.
The port’s higher revenue from pre-Covid cruise ship visits has helped lift profit.
The restructuring is expected to cost up to $160m, says the airline.
Sharemarket investors remain cautious despite cash flow assurances by NZX-listed online travel booking software company, Serko.
SkyCity Entertainment and the Government have set the delivery deadline for the New Zealand International Convention Centre to be the start of 2025.
The successful issue follows a $1bn raise earlier this month.
Bayleys Realty Group has bought tourism property and business specialist Resort Brokers.
Ngāi Tahu Tourism could lose nearly two-thirds of its workforce as its operations shut for the foreseeable future.
Mystery surrounds a surge in the airline’s stock price of nearly 70%.
Auckland International Airport has successfully completed its placement of $1bn worth of shares.
Auckland International Airport says it will raise up to $1.2bn to ensure it remains well capitalised during the Covid-19 lockdown and prepared for recovery.
A “significant number” of employees have been placed on leave, been furloughed, or have left, says the operator.
The operator says it will become a “much smaller, domestically focused” business.
There may be worse to come as investors take the hit and run to cash, says a broker.
Tourism Holdings has cancelled its interim dividend and slashed the salaries of its senior executives.
The Auckland-based operator says that closure of casinos may soon be on the cards.
NZX-listed tourism stocks continued to be hit by the coronavirus pandemic with temporary trading halts by Air New Zealand and hotel operator Millennium & Copthorne stemming the tide.
Auckland Airport and Tourism Holdings have both revisted their earnings guidance in the wake of international border restrictions as governments seek to combat the COVID-19 outbreak.
The NZX has placed a trading halt on Auckland International Airport Limited’s ordinary shares.
The late opening of a Novotel hotel and higher operating expenses, insurance and rates reduced Christchurch International Airport Limited’s profit for the six months ending December 2019.
Income from the SOE’s Interislander and scenic trains services fell in the six months to December 2019.
Revenue from the operator’s NZ tourism businesses fell in the six months to December.
Air New Zealand chief executive Greg Foran has embarked on a “diagnostic” cost cutting programme of the airline.
Air New Zealand’s costs outstripped increased passenger revenue and it has reported a sharp fall in after-tax profit for the six months ending December 2019.
Online travel booking company Serko’s share price is among the tourism-related stock to take a hit this week.
The airline also says it will suspend its Korea service, reducing Asia capacity by 17% until June this year.
Queenstown Airport Corporation (QAC) has delivered a firm bottom line profit after expenses and tax of $10.8m, up by $2.5m (30%) compared with the same previous corresponding period.
Skyline Enterprises’ gondola, luge, and restaurant operations in Queenstown and Rotorua have seen a 12-15% drop in numbers as a result of Coronavirus, while its Sentosa Luge in Singapore is down 50-60%.
Experience Co’s New Zealand jump sites saw tandem volume fall to 23,414 for the six months to 31 December 2019, down 14.4% on the same period a year earlier.
A new domestic jet hub and a $350m+ arrivals area at the international terminal have been unveiled.
The Alpe family’s JUCY group has sold a 50% stake in its pod-hotel business to Australian-listed EVENT Hospitality & Entertainment to kick-start expansion across “New Zealand, Australia and beyond.”
A slowdown in its international business, even before coronavirus, has prompted caution from the operator.
The operator says in its interim results that it has claimed around $240m in insurance from the NZICC fire.
Market watchers are anticipating in-depth reports about how tourism companies are coping with coronavirus and the financial impact they expect.
The hotel group says it expects to miss out on more revenue because of the outbreak.
The operator gave the guidance in light of the “significant and uncertain events facing the tourism industry”.
The owner of Auckland’s Rainbow’s End and Rotorua’s Polynesian Spa has painted contrasting pictures for the two attractions in its latest interim results for the six months to September 2019.
The sale of a 33% stake in the operator marks the start of a new chapter for the business.