Millennium and Copthorne Hotels is back in the black, despite losing revenue because of the Canterbury quakes.
The hotel chain made a profit of $25 million in 2011, compared with a loss of $12.6 million in 2010, when it was hit by a tax charge.
Revenue fell from $114 million to $99.5 million, due largely to the Canterbury earthquakes, although this was partly offset by more hotel guests in the main centres during the Rugby World Cup.
The company says 2012 is likely to be another challenging year.
International visitor numbers, particularly from Europe and North America, continue to be weaker than in previous years, but it is focussing on capturing increased demand for Asia.