Southern Travel Holdings Ltd reported a 93% fall in unaudited net profit for the year ending June 30.The Auckland-based group said its financial statements currently being audited would show a loss after tax of $946,000 and negative earnings before intere
Southern Travel Holdings Ltd reported a 93% fall in unaudited net profit for the year ending June 30.
The Auckland-based group said its financial statements currently being audited would show a loss after tax of $946,000 and negative earnings before interest, tax, depreciation and amortisation (ebitda) of $549,000.
The company said despite a better performing second half of the financial year, because of the poor result from the first six months, the annual result for the year was disappointing.
Overall sales revenue for the year was $21.5m, down 12.8% on the previous year, due to a "serious" reduction in arrivals from Japan, which dropped inbound sales revenue by 16.1% to $14.7m.
The "better performing" outbound business recorded a 4.5% fall to $6.7m.
Southern Travel said "considering the generally poor economic climate and the worldwide fall in international travel such a small reduction in sales is indicative of a very sound performance".
No dividend will be paid.
