Jetset says revenues are improving

Company News

Travel company Jetset Travelworld Ltd (ASX:JET) says revenues are improving but as yet have not returned to levels seen before the onslaught of the global financial crisis.

Jetset reported a 20.2 per cent fall in profit before tax to $19 million for the 2010 financial year, excluding $4.5 million of merger costs.

Earlier this month the company’s shareholders voted in favour of a merger with Stella Travel Services.

Looking at the company’s performance on a half yearly basis, Jetset says profit before tax in the second half of the 2010 financial year improved 59% on the first half result and was substantially better than the same period in fiscal 2009.

In its full year report, Jetset noted that growth was most evident in the retail sector benefiting from a broad range of airline agreements while the business travel sector remains subdued.

Jetset Travelworld decided not to pay a final dividend for fiscal 2010.

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