Not enough of this for Kuoni
Zurich, Switzerland (GenevaLunch) - Switzerland’s largest travel agent, Kuoni, said it lost CHF51 million in the first six months of 2009, against revenues of CHF26m in the same period of 2008. The global financial crisis, the economic downturn, the negative effects of currency fluctuations, and the incipient swine flu epidemic all contributed to a difficult first half.
Cash flow in the period dropped to CHF28.8mn from CHF159.4mn the previous year.
Group CEO Peter Rothwell said: “Despite the negative external influences, I expect Kuoni group to finish the year 2009 with an operational profit.”
At the end of January the company announced a comprehensive three-year CHF106m cost-reduction and investment plan, including investments in global branding, marketing and electronic sales channels. The group spent CHF8m of this in the first six months. Kuoni also announced 514 job cuts over the same period.
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This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.
News story, GenevaLunch, 20 August 2009.
Filed under: Business
Tags: cost-reduction plan, currency fluctuations, economic downturn, global financial crisis, investment plan, Kuoni, swine flu, Travel
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