''From an outlook perspective, we are wary of slowing growth in global tourism,'' the company said.
For its half-year trading to December, revenue was down 1% to $207million, earnings before interest and tax (ebit) was up 4% at $37.4million and after-tax profit declined 17% to $17.5million; albeit a year ago there was a positive one-off $1.8million gain from US tax changes.
Digital investment losses also grew from a $2.4million loss a year ago to a $5.4million loss.
Revenue from vehicle rental and tourism services rose 6% to $144.3million, while vehicle sales revenue declined 14% to $62.9million.
Forsyth Barr broker Suzanne Kinnaird said the result was ''mixed'', and left questions unanswered, but the underlying performance was ''holding up well''.
''Recreational vehicle sentiment has taken a beating in recent months,'' she said.
She said it was ''commendable'', New Zealand rentals grew 7% to $7million, given last year the company had the one-off, more than $1million benefit of the Lions Rugby Tour.
She noted Tourism Holdings expected ''high single digit revenue growth'' from Australian and New Zealand rental demand during second-half trading and into 2020.
''While the global vehicle sales environment has declined, led by the US, there are signs of improvement,''' Mrs Kinnaird said.
The company posted a 13c dividend, and expected a further 14c, taking the full year to 27c. Tourism Holding shares declined 5.4% to $4.38 following the announcement, and were down 23.5% on a year ago.
Craigs Investment Partners broker Peter McIntyre said the result was ''slightly weaker than expected'', due mainly to weak vehicles sales in the US, and a ''softer'' Tourism Group contribution.
''Despite a softer first, the outlook statements remains fairly upbeat with a positive outlook in New Zealand and Australian rentals, albeit with some uncertainty still around vehicle sales markets,'' she said.
There was ''reasonable growth'' in forward bookings in all Tourism Holding's markets, he said.
After-tax profit for the year was adjusted down from previous guidance of $32million - $34million to ''around $32million''.
Tourism Holdings pushed out by a year its long-held guidance of achieving $50million after tax profit, to full-year 2021.
Mr McIntyre said the profit decline was mainly due to tougher operating conditions in the US and additional operating costs from the company evaluating potential acquisition opportunities.
