Record profit for T.H.C.

Press, 14 December 1985, Page 5

Record profit for T.H.C.

Wellington reporter

The Tourist Hotel Corporation has reported a record year with a pre-tax profit of $4.2 million, compared with $1.9 jnillion last year, and its first dividend to the Government of $158,000. This result was attributed to higher occupancy levels, increased marketing activity at home and overseas, a rise in the domestic market, and effective management controls and budgeting systems.

In the future, the corporation plans to announce halfyearly results as well as the details in its annual report to Parliament. The contribution of the corporation’s hotels to this result was $8.98 . million,

compared with $6.33 million a year earlier. This was an increase of 42 per cent. The corporation’s chairman, Mr Bob Stannard, said the corporation was suffering from not having hotels at such favoured destinations as Auckland, Christchurch and Queenstown.

Guests from Australia had exceeded those from North America, with both showing increases. However, the growing number of Japanese visiting New Zealand was not reflected in the corporation’s figures. Many overseas groups used corporation hotels during day visits to such attractions as the Waitomo Caves, Mount Cook, and the Milford Sound launch excursions, he said. _____