Cost cutting continued to yield strong results at Helloworld Travel with net profit increasing 48% to $32 million in the year to June 30. Revenue was basically the same as 16/17 at $326.9 million however operating costs “lowered significantly”, hence the dramatically improved profit.

The announcement also revealed that the price of international airfares fell 6.6% through the year, driving volume but not margin.

Meanwhile, Helloworld remains a majority family-owned business with more than 50% of its shares held by the Burnes (35.4%) and Alysandratos (17.7%) families. Qantas is the third largest shareholder with 17.1%.

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