Kuoni cost savings rally 2003 results
Kuoni has posted a drop in turnover for the first half of this year following “a sizeable decline in most markets”.
The company turnover was down 16.9% for the first half of 2003 to around CHF 1,400 million (£622 million).
In a statement the company said: “For the Kuoni Group, the first six months of 2003 were marked by exceptional economic and political events and by the global impact on the travel sector of the lung virus SARS.
“While results for the first two months were a slight improvement on prior-year levels, the outbreak of hostilities in Iraq prompted a sizeable decline in most markets in the course of March and April. As expected, the moderate recovery in May and June could only partially offset this decline.”
The group also posted a declined EBITA loss from CHF 11.8 million (£5 million) to CHF 18.7 million (£8.4 million). However, results were rallied by increased profit margins from 25.8% to 28.6% and a reduction in costs of 5.8%, which Kuoni attributes to “cost controls still rigidly enforced and the savings initiated in 2002 making their impact felt.”
Read our previous stories:
04-July-2003 A&K says Kuoni deal ‘won’t alienate clients’
16-June-2003 Thomas Cook and Kuoni deny merger talks
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