Cardrona goes offshore

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Ownership of Cardrona Alpine Resort near Queenstown has switched to Singapore. 

The change is shown in annual filings to the Australian Securities Exchange by Cardrona’s publicly-listed owner Vealls Limited. 

The skifield is now owned by Vealls (Singapore) Pte Ltd as part of what chairman Ian Veall is calling an internal reorganisation. 

“Aspects of the transaction involved were complex and included in particular the incidence of tax,” he adds. 

Although unlikely, “it is possible material income tax could be incurred”, Veall says. 

The group’s annual accounts for 2011 show after-tax profit of $A5.3 million, reporting that Cardrona’s 2010 winter produced “increased revenues and financial results in NZ dollar terms”. 

However, while Cardrona revenue topped $A14m, the high Kiwi dollar “had a negative effect on reported results”. 

The latest accounts no longer split out Cardrona’s specific figures but financials for 2010 earlier obtained by Mountain Scene show the skifield returned after-tax profits of $NZ3.027m on revenue of $NZ16.4m. 

Looking to the current financial year, Veall warns shareholders of “significant loss of revenue” because Cardrona’s 2011 season opened later than usual, hitting Australian school-holiday numbers.