Decline in net profit for Brierley reincarnation

RICHARD MEADOWS
Last updated 05:00 29/01/2013

Relevant offers

Industries

MediaWorks promise no cuts to local shows as it posts $15m loss Big Oil faces threat of glut amid rise of green energy MPI said SOS Hydration needs more sugar, a dietitian said less salt Australian consumer watchdog takes health insurer NIB to court over concealing changes Singles scene in Hamilton speeds up More Banks Group shoe shops could shut after talks with receiver Chart of the day: How Port Nelson's exports are faring Burger Fuel opens in the United States Investors and the business of water Nelson rides tourism wave to claim country's top economic region

Investment company GuocoLeisure, previously known as Brierley Investments, has returned a first-half net profit of US$35.3 million (NZ$42.2m), down 3.6 per cent on the previous year.

The group operates a string of 32 full-service Thistle hotels and five deluxe Guoman hotels in Britain, which received a boost in custom from the 2012 London Olympic games.

That helped push revenue up 7.5 per cent to US$203.9m in the six months to December 31, although volatility in the company's casino operation dragged down overall revenue performance.

Income from the group's Bass Strait oil and gas royalty was also hit by lower crude oil prices.

The Australian holding returned US$25.6m in the first half, an 18 per cent slide from US$31.3m in the previous corresponding period.

Ad Feedback

- Stuff

Special offers

Featured Promotions

Sponsored Content