Sealink acquires Fraser Island resort

Sealink acquires Fraser Island resort

Listed tourism and transport company Sealink (ASX: SLK) has announced it has acquired Kingfisher Bay Resort Group as it reported a drop in first half profit of 13.7 per cent to $11.3 million.

With the half year results announement, Sealink revealed it has acquired the Fraser Island resort, which includes two resorts on the island, a coach touring business, and ferry operations.

Earnings were also down from $26.7 million in 1H17 to $23.8 million this year.

A revenue fall of nearly five per cent to $100.8 million was attributable to changes in customer business operations, the planned closure of key travel centres, the non-continuation of certain services, and the lengthy refurbishment of a major ship in the company's fleet.

"The first half of 2018 was one of continued innovation and expansion of our product offerings to iconic Australian destinations, with the dominant hospitality, touring and marine transport operation on Fraser Island soon to be added," says Sealink managing director Jeff Ellison.

The group anticipates net profit after tax for the second half 2018 to be in line with the same period last year.

The company has declared a fully franked interim dividend of 6.5 cents per share, payable on 20 April 2018.

Shares in the tourism company are down 2.73 per cent to $3.92 per share at 10.12am AEDT.

Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.

Business News Australia

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...