New Zealand-based Tourism set for biggest drop in 4 yrs on cutting earnings view

Tourism Holdings

06/05/2024 24:32

** Shares of Tourism Holdings Ltd  THL.NZ  plunge as much as
31% to NZ$1.98, their biggest loss since March 23, 2020
    ** Stock hits lowest level since Sept 14, 2020
    ** The tourism company says it reduced FY24 net profit after
tax guidance to NZ$50 to NZ$53 million ($30.06 to $31.86
million), compared with earlier guidance of NZ$75 million 
    ** Sees expectations for FY25 now below FY23 pro forma NPAT
of NZ$77.1 million 
    ** Weakening economy impacted most regions and business
divisions negatively and lowered expectations into Q4 - Tourism
Holdings 
    ** Stock fallen 25.5% this year as of last close



($1 = 1.6636 New Zealand dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))