Shotover Jet Reports Positive Half-Year Results

Shotover Jet Limited today announced an operating profit of $882,000 for the six months to December 2001 - an increase of 52 per cent on the figure of $580,000 for the previous corresponding period.

Shotover Jet Chief Executive, Adrian Januszkiewicz, said the improved profit was largely attributable to the company’s rigorous programme of cost control and its ‘back to basics’ approach to business.

The $11.8 million sales revenue for the period was slightly lower than the December 2000 half-year, but the company’s overall financial position had strengthened considerably. The cash situation was $1.9 million ahead of the previous half-year’s position and Shareholders’ Funds were $18.53 million, 35 per cent up on the December 2000 figure of $13.76 million.

“This is a satisfactory result given the difficult times experienced by the New Zealand tourism industry following the events of September 11 and shows that our renewed emphasis on basic business disciplines is paying off,” Mr Januszkiewicz said.

“While visitor numbers are still down on forecast, we are expecting an improvement later in the year. With our improved business structure, I am confident that Shotover Jet will post a solid full year result.”

Mr Januszkiewicz said in spite of the positive half-year result, the need to consolidate and reinvest the cash flow in the business meant the company would not be paying an interim dividend.

Shotover Jet had also made significant progress in a number of operational areas over the past six months, including the development of a new twin-engine boat to replace the existing Shotover Queenstown fleet and a comprehensive review of the company’s safety systems and procedures.

“This review has seen us introduce Reliability Centred Maintenance – a maintenance methodology similar to that employed in the aviation industry - and a computerised critical parts tracking system, which maximises the safety and integrity of the critical components in our boats,” Mr Januszkiewicz said.

“I am also pleased to report that on the environmental front, the Dart River operation is well advanced towards certification under the Green Globe 21 programme and continues to work closely with the Department of Conservation eliminating stoats and ferrets at the head of Lake Wakatipu.

“The Kiwi recovery programme at our Rainbow operation in Rotorua is also continuing to flourish with 11 new chicks hatched in the past six months and four of them already released back into the wild.”

Mr Januszkiewicz, who took over as Chief Executive of Shotover Jet last June, said he was pleased with the overall position of the company and was looking forward to continued positive results and greater achievements in the future.

Shotover Jet Limited operates jet boat businesses on the Shotover, Dart, Kawarau and Waikato rivers in New Zealand. It also operates a jet boat business in Fiji and the Rainbow Springs and Farm business in Rotorua.

ENDS

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