Jetset Travelworld Limited pre-tax profit up $10.1 million.
Jetset Travelworld Limited has just announced a 157% year on year increase in pre-tax profit to $16.5 million for the half-year to 31 Dec 2011.
CEO Peter Lacaze said the figure was a “pleasing result” during a period which saw average selling prices for international air product drop compared to the corresponding time the year prior.
Profit after tax attributable to members skyrocketed 738% to $11.2 million, with a cash balance of $177.9 million, JTL reported.
Total Transcaction Value (TTV) for the Retail Segment increased 18% to $2 billion, and adjusted EBITDAI rose 49% to $33.3 million. JTG’s online subsidiary Best Flights saw a 20% rise in transacations, while Best Cruises reported a 17% surge.
TTV attributable to the Wholesale Segment increased 55% to $439.5 million, and adjusted EBITDAI grew 12% to $5.7 million. The margin of revenue to TTV for the Wholesale Segment was down 2.2 percentage points to 13.2% – blamed on reduced selling prices.
JTL also highlighted a “short term reduction” in sales volumes for its wholly-owned subsidiary Qantas Holidays due to “customer concerns” around the Qantas fleet grounding in late-Oct. But the group said it did not expect an ongoing impact on QH volumes.
TTV for the Travel Management Segment rose 61% to $375.7 million, but incurred an adjusted EBITDAI loss of $732,000. The figure compares to a $372,000 profit recorded the year prior.
Lacaze said the overall result shows the on-going benefits of the merger of Jetset Travelworld and Stella Travel Services, completed on 30 Sep 2010.
“The merged Group has created a solid foundation for future growth with a lower operating cost base which is key to navigating through changeable industry conditions,” he said.
More information in tomorrow’s Travel Daily.