Profit Rebound For Flight Centre But US Still A Drag

Graham Turner, Flight Centre
Graham Turner, Flight Centre

Multi-national retailer Flight Centre reports that travel has rebounded in many markets with air ticket sales numbers up by 20% in some of its businesses although yields remain low due to discounting. MD Graham Turner said Australia had rebounded strongly while its UK, Canada, South Africa and New Zealand businesses are profitable.

He said the US is still trading at a loss but should break even this financial year. Corporate travel customers remain cautious but FLT has been able to increase market share. Turner upgraded FLT forecasts for the 09/10 financial year and now expects a pre-tax profit of between A$160m and A$180m, well up on the preceding result of A$99.8m.

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