Campervan rental company Tourism Holdings has revealed a dramatic turn-around in half-year profit, from a loss of some $500,000 last year to a $2.5 million gain.
The improvement is despite an 18 percent fall in revenue from Australian rentals in the six months ended December, and a 24 percent drop in vehicle sales in Australia.
Revenue from motorhome rentals in New Zealand and America increased, and revenue from tourism businesses, including Kiwi Experience tours, jumped 16 percent.
Tourism Holdings chief executive Grant Webster said the increased profit is partly due to the purchase of a campervan business in America.
There were no longer any costs of the merger between Kea and United motorhomes in New Zealand and the company has streamlined its fleet after the Rugby World Cup, he said.
Sales for the half year rose 4 percent to $112 million. Tourism Holdings will pay a first-half dividend of 5 cents per share, up from 2 cents last year.
