Ski Fields loss, options issue
PA Wellington Mild, unsettled weather during August and September had resulted in a 3 per cent drop in gross revenue for N.Z. Ski Fields at September 30, the managing director Mr Tony Wright, said yesterday. Announcing the Ski Fields’ half-year result to June 30, he said the 1988 ski season had been one of the most difficult experienced. The drop in revenue, increased reporting costs, and higher interest costs ruled out any chance of a profit in 1988. After two poor snow seasons the directors had ini-
tiated cost reductions to restore profitability. The company operates the Turoa ski field on Mount Ruapehu. It announced a $3OOO loss for the six months, during which no revenue was earned. Ski Fields made a bottomline profit for the year ended December 31, 1987, of $132,000. Mr Wright also announced a one-for-five issue of free options to shareholders. The 1.6 M options will rank equally with existing options issued in 1986 at 1c per option.
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Press, 7 October 1988, Page 12
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167Ski Fields loss, options issue Press, 7 October 1988, Page 12
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