Sealink has lifted full-year profit by 9.4 per cent to $21.5 million after a surge in revenue from the acquisition of Fraser Island’s Kingfisher Bay Resort Group and Tasmania’s Bruny Island ferry.
Revenue for the 12 months to June 30 jumped 19.5 per cent to $248.8 million as new income streams helped offset soft trading conditions in Sydney and Perth.
“Some of our key tourism businesses were challenged by slower international visitor growth, a number of unseasonal weather events and consumer uncertainty in the lead-up to the May 2019 federal election,” managing director and chief executive Jeff Ellison said.
Sealink recorded an underlying profit of $23.4 million and raised its final dividend by half a cent to 8.0 cents but the statutory result took a slight hit from a $1.6 million writedown of its investment in a travel app aimed at Chinese tourists.
Sealink also decided to phase out its Manly to Barangaroo service on the basis the Sydney commuter route is unlikely to generate enough returns to justify its continued operation.