MFS spends $3m for more snow in Victoria
An AAP report says that leisure and tourism operator MFS Living and Leisure Group is spending $3 million on producing more snow at one of two Victorian ski resorts, with the move following a lack of natural snowfall during winter last year.
The company says the investment in infrastructure at its Mt Hotham ski resort will increase snow-making capacity by at least 35 per cent, with twenty-six hydrant points to be installed throughout Heavenly Valley at Mt Hotham, a popular ski run with the additional infrastructure increasing the total terrain under snow making from 17 to 25 hectares.
MFS chief executive Marshall Vann said the increased snow-making capacity would extend the operation of main ski runs either side of the season and provide more consistent snow conditions throughout the ski season.
“This investment is an example of a number of proactive approaches we are taking to increase the snow capacity at our ski resorts, to provide our guests with more consistent snow conditions,” Mr Vann said.
“The additional snow-making capability will also help to offset the fluctuations in natural snowfall such as that experienced during the 2006 ski season.
“Strong early snowfalls during the 2007 ski season resulted in excellent skiing conditions and helped to rebuild skier confidence within the Australian market.”
The Mt Hotham resort had produced more than 500,000 cubic metres of snow using existing snow-making infrastructure.
“This additional investment is set to increase the snow-making capacity for this resort by at least an extra 35 per cent,” Mr Vann said.
Installation would begin in October, at the end of the 2007 ski season, and was expected to be completed by May 2008, in time for the winter school holidays.
The announcement comes after MFS Living and Leisure invested $2 million in the 2006 financial year to build a 27 megalitre reservoir as part of a water-recycling program to support snow-making operations at the resort, with the Victorian government contributing $6.36 million to the project.
Mr Vann said final approval was being sought for the release of freehold land at Mt Hotham, which had been earmarked for a 20-lot subdivision.
MFS Living and Leisure operates the Mt Hotham and Falls Creek ski resorts in Victoria through Australian Alpine Enterprises, which it purchased in July last year.
Mt Hotham and Falls Creek ski resorts made $7 million in earnings before interest, tax, depreciation and amortisation (EBITDA) for the full year ended June 30.
Overall EBITDA for MFS Living and Leisure was $37 million.
Stapled securities for MFS Living and Leisure were steady at close to 91 cents.
Report by The Mole
John Alwyn-Jones
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