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

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

From pandemic side hustle to multi-million dollar business: Meet Ling Fung
Partner Content
Ask any parent, and they’ll tell you: preparing for a new baby is no easy task.&n...
Metro Baby
Advertisement

Related Stories

Is attribution software killing our creativity?

Is attribution software killing our creativity?

As digital marketing continues to evolve at rapid speeds, businesse...

Sonic Healthcare acquires 20pc stake in gut health business Microba Life Sciences

Sonic Healthcare acquires 20pc stake in gut health business Microba Life Sciences

Global medical diagnostics giant Sonic Healthcare (ASX: SHL) has ag...

After October lull and a record Black Friday-Cyber Monday weekend, what's next for retail?

After October lull and a record Black Friday-Cyber Monday weekend, what's next for retail?

Just as the Australian Bureau of Statistics (ABS) announced month-o...

APRA intensifies scrutiny of Medibank after major cyberattack

APRA intensifies scrutiny of Medibank after major cyberattack

The Australian Prudential Regulation Authority (APRA) has intensifi...