More bad news for profits
Wednesday, 28 Oct, 2005
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ONLINE travel agent travel.com.au yesterday reported a $1.99 million net loss for the year ending June 30, 2005,as it re-structures the business towards a more online strategy.
“For the first quarter, we’ve broken even and that is with a doubling of our market spend,” travel.com.au chairman Roger Sharp said after the company’s annual general meeting.
“For us, the whole (plan) is about shrinking unprofitable offline business and growing online as fast as we can.”
Mr Sharp stated that there was a lot of work to be done to shape the business the way he believes it should be run. Despite having cut staff levels by 20% earlier this year to around 60 staff, Mr Sharp did not foresee any further cuts at this stage.
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