The ski industry is a simple business. If it snows, you do really well. If it doesn’t times are tough, as they were for Thredbo in 2013, a poor season stalked by rain.
But 2014 was a different story: plenty of snow at the right times brought the crowds, resulting in a $7.8m (or 85.4%) profit uplift for the Snowy Mountains resort.
In turn, this propelled a 21.8% profit increase for owner Amalgamated Holdings (AHL)of $51.2m for the six months to Dec 31, 2014.
“The significant profit uplift reflects the outstanding 2014 ski season in Thredbo (where) skier numbers increased by 15.1%,” MD David Sergeant said.
AHL also reported its hotels are doing well in steady fashion with both rates and occupancy increasing by just over 2%.
Meanwhile, AHL’s cinema business was soft due to a weak film slate in the first quarter.