Zurich, Switzerland (GenevaLunch) – Travel agent Kuoni has reported a loss of CHF5.7 million on net income of almost CHF3 billion in the first nine months of 2009. Kuoni has not made a profit yet this year, although it says the trend in reservations is upwards and it expects to have an operational profit by the end of the fourth quarter. Kuoni has been hard hit by the recession, as households and businesses curtail travel plans.
“The continuing global financial and economic crisis and the negative impact of currency movements depressed our nine-month results,”said Peter Rothwell, CEO of the Kuoni Group. “On the plus side, further progress was made on the cost savings front with a positive effect on our operating result.”
Kuoni announced a new strategy at the end of September that will allow for greater savings in the future.
Links to other sites: Kuoni, Le Temps (Fre), Romandie News (Fre)
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News story, GenevaLunch, 12 November 2009.
Filed under: Business
Tags: financial results, Kuoni, nine-month figures, Peter Rothwell, Travel