Flight Centre and Vitec Group earnings rise

Vitec Group half-year profit rose by 24%

In brief: Flight Centre and Vitec Group continue to climb higher. The Australian company is No.1 in the travel sector.

Australia’s largest travel agency Flight Centre has published data on record annual profits saying it expects to increase earnings next year. Thus, the company’s net profit after tax in the fiscal year to end June 30 was AUD 139, 9 million ($124 million).

The Flight Centre expects to increase its profit before tax in the next fiscal year from AUD 220 million to 240 million, with analysts’ forecast of AUD 226 million. The analysts also believe that the company’s profit will fall short of that claimed by 10%. The Flight Centre operates in New Zealand, Australia and ten Asian countries. Company’s earnings may exceed AUD 150 million in 2011, travel market analysts predict. In addition, Vitec Group recorded a 24% increase in adjusted earnings for the first half-year from 10.2 million pounds previous year to 12.6 million pounds ($ 19.5 million).

Anrey Torbinski
2010-08-24 19:51, Economics.

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