An improved result from the Jetset Travelworld Group with a pre-tax profit increase of 88% to $27 million despite an 8% fall in turnover and revenue. CEO Rob Gurney said “the results reflect a continued focus on margin management, cost reduction and efficiency measures” in a market characterised by falling airfare prices.
One black spot though has been the continued decline of its corporate business, QBT, where turnover decreased 17% due to weaker govt travel.
Looking ahead, Mr Gurney estimated the cost of launching helloworld, JTG’s new retail brand, could reach $50 million over the next 12 to 18 months.
Net profit after tax was $16.5 million.