Air Travel down, Flight Centre profits slump
With the economic downturn affecting the travel industry, Flight Centre has forecast its profits will fall by more than two-thirds in the next year.
In a statement on Tuesday, the travel agency network said it expected to report a net profit of between $36 million and $44 million for the year to June 30 2009, compared with a net profit of $143.15 million in the previous financial year.
According to Flight Centre’s managing director Graham Turner, losses in the US travel industry have affected profits. But the company is “well placed to benefit from any future upswing in the travel cycle,” he said.
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