NZ Experience improves

By Phil Boeyen, ShareChat Business News Editor

Thursday 23rd August 2001

Funpark company New Zealand Experience (NZSE: NZX) has considerably improved profit for the year ended June.

NZX has posted a surplus of $184,000, well up on last year's $25,000. Sales rose slightly to $7.05 million from $6.87 million.

During the year the company sold its Christchurch Gondola investment for $1.4 million but continues to own the land at the gondola base station.

The group says its remaining attraction, Rainbow's End, had a reasonable year and is now concentrating on introducing a new multi-million dollar attraction to the park later this year.

"Construction of the ride is well underway and progressing to budget and on time," the company says.

Following the sale of the gondola, group debt has reduced by a further $1 million although $300,000 has been borrowed since year's end to help fund the new ride at Rainbow's End.

The directors say they are looking forward to a considerably improved result for Rainbow's End in the coming financial year.

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