Flight Centre drops $100 million
15 September 2009,
TRAVEL agency Flight Centre recorded a $38.2 million profit for 08/09 – a fall of almost $100 million from 07/08, with results affected by $38 million in losses in the US, as well as non-recurring impairments and write-downs.
Flight Centre (FLT) managing director Graham Turner, says the company will aim for a pre-tax profit of more than $125 million this year, compared to $99.8 million in 08/09.
“While FLT has not yet seen conducive evidence of a full recovery, the company has started the year with some positive momentum from the fourth quarter, particularly in the US, and has achieved encouraging trading results in July and August,” says Turner.
“Cheap airfares and holiday deals have started to stimulate demand, which has led to improving sales volumes, albeit at lower than normal yields.”