New Zealand-based Tourism Holdings Ltd. (THL) nearly doubled its annual profit as it expanded to become a global company, according to a report by the Marlborough Express.

Chairman Rob Campbell said the company had made another record profit from trading of $37.5 million, up 24%, on turnover of $426 million, up 25%.

“We are now embarking on a major change. We are in the midst of reallocating financial and intellectual capital to global growth. Our core values are unchanged and we respect our heritage, but we are no longer simply a New Zealand story.”

Profits over the next 12 months will undershoot the performance of 2018, due to investment in the U.S., even though core business operating earnings will increase.

Chief Executive Grant Webster said the latest profit report was “complex”, with one-off gains, U.S. tax changes, the first full year of incorporating results from the company’s El Monte rental business in North America, and exchange rate movements.

The creation of the U.S.-based TH2 joint venture would be the highlight of next year, “given the potential of this business.

The joint venture was set up in February with Thor Industries, one of the main international rental vehicle manufacturers.

The goal of TH2 was to create a digital platform for rental vehicle owners to improve trip planning and booking, remote monitoring systems, roadside assistance, and campsite rentals.

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