Tourism Holdings expects to make about $5 million in the 2011 financial year - $1 million less than last year.
The listed tourism company, which runs rental companies Maui and Britz as well as the Kiwi Experience bus operator and the Waitomo Caves, told shareholders at its annual general meeting it is operating in uncertain times.
Chief executive Grant Webster says its performance is below expectations and there is still a rapid decline of visitors from Britain.
