Pot of gold found at Rainbow's End

Tourism operator New Zealand Experience yesterday reported its June year net profit rose to $828,000 from $776,000 a year ago.

Price rises at its Rainbow's End facility in Manukau and higher spending per visitor were behind the rise, the company said.

With no funding of new attractions or significant capital investment throughout the year, group bank debt was reduced by $1.1 million.

The company expects to cut debt further in the current year, but further pressure is anticipated to the operating costs of the park due largely to circumstances beyond the control of the park.

It said it would pay a fully imputed 2cps dividend on September 29.

Revenue rose 4.9 per cent to $8.7 million and the pre-tax profit rose 6.3 per cent to $1.2 million. Earnings per share rose to 2.24cps from 2.10cps. NZ Experience shares last traded at 26c. They have traded between 26c and 38c in the last year.

- NZPA