Bad weather hurt Mount Cook

Press, 3 August 1983, Page 24

Bad weather hurt Mount Cook

Weather had a substantial and adverse effect on the trading of Mount Cook Group, Ltd, during the year ended May 31, according to a statement issued yesterday with preliminary unaudited results.

The results show that trading profit after tax, at $2,186,000 dropped $925,000 on 1981-82, but because of minority shares and extraordinary items, including the profit on the sale of the S’s investment in Trage New Zealand, group profit totalled $3,639,000, up 16.8 per cent on last year’s

$3,108,000. The Travelodge sale realised $1,456,000. Export performance incentives of $1,159,000 ($1,021,000 in 1981-82) are included in group turnover of $51,980,000, a 10.8 per cent increase on the $47,141,000 of the previous year.

In view of the continuation of the price freeze, the company has recommended a dividend of 13c, the same as last year, which will be paid from tax-free sources on October 27.

The statement says that

the Coronet Peak ski season was the worst on record and the ski-field’s contribution to revenue was down by about $550,000, with a consequent reduction in winter passenger traffic on air and coach services.

The general aviation division encountered a run of poor weather, including strong winds, which heavily reduced ski-plane flying days through peak tourist periods. Profits also suffered because of the price freeze. The annual meeting will be on October 26.