Travel giant Kuoni Group has released its January-June 2013 results, revealing that the company has improved its standing after the disposal of loss making European tour operating activities.
Overall operating losses were reduced by CFH17.6 million.
The moves have led the firm to announce a gross profit margin rise of 18.5% compared to 18.3% in 2012.
Peter Meier, ad interim CEO of Kuoni Group said: “Our focus on global destination and accommodation services, sustainably profitable tour operator business and visa processing services contributed significantly to an improvement in operating earnings in the first half of 2013.
“Positive organic growth offset the reduction in turnover caused by our exit from loss-making European tour operating activities. Operating losses (EBIT) were reduced by CHF 17.6 million thanks to the withdrawal. All divisions posted improved operating results. These results were further boosted by exceptional factors. Based on current trading, we expect to see improved operating earnings for the 2013 financial year as a whole.”
The standout divisions were the group travel and FIT businesses which both saw substantial growth. The latter was up 26% in terms of booked room nights in Asia Pacific.
To read our Face to Face interview with Ivan Walter CEO GTA at Kuoni Global Travel Services click here.