loses $2m in NSW's
South Coast bushfires
By Dennis Amor
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NSW's deadly bushfires are likely to cost
Ingenia, which operates a chain of holiday and lifestyle parks, at least
$2 million, it was revealed today.
Three of its tourist parks on the state's South Coast ‒ Lake Conjola,
Broulee and Ocean Lake ‒ have been seriously impacted by tourists and
residents fleeing fire-affected areas.
"Given the lack of services ‒ including telecommunications, power and road
access ‒ and uncertainty over future conditions, it is not yet known when
the tourism parks will return to normal trading conditions," Ingenia said
in a statement.
Management teams were "working tirelessly" to ensure the safety of
residents and guests.
"As a result of these efforts, and those of the Rural Fire Service and
other emergency services there were no serious health issues reported and
property losses were mitigated," it said.
Ingenia said it was continuing to work with emergency services and to
monitor conditions at each of the parks.
"Teams are expected to be on site to undertake a more detailed assessment
of damage this week, as access is more readily available," the statement
Ingenia has insurance for property loss and loss of gross profits and this
is expected to mitigate losses.
"Based on the expectation that home sales at Ingenia Lifestyle Lake
Conjola will be materially impacted ‒ 27
settlements forecast for 2H20 ‒ Ingenia expects the FY20 result to be at the lower end of the groupís
guidance range ... EBIT growth of 15-20 percent and underlying EPS growth
of 5-10 percent."
A further update will be provided with the groupís half-year results to be
announced on February 18.
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