CORPORATE TRAVEL MANAGEMENT POSTS PROFIT

CORPORATE TRAVEL MANAGEMENT POSTS PROFIT

CORPORATE Travel Management (ASX:CTD) has achieved earnings before interest, taxes, depreciation and amortisation of $10.4 million, up 28 per cent.

The company also reported an 11.4 per cent increase in net profit after tax of $5.6 million from the previous corresponding period (pcp), taking into account a voluntary change in accounting policy and a one-off $1.1 million in acquisition costs.

Managing director Jamie Pherous (pictured) says he is proud of the team for overcoming a challenging market.

“The result was pleasing, particularly given the continued generally tough economic conditions in Australia and New Zealand.”

The integration of US-based TravelCorp is expected to be completed on June 30, promising stronger results in the next half year.

Westminster Travel in the Asian market will make a five month contribution to profit in FY14, following the 75.1 per cent equity acquisition on January 29.

Pherous says the company will now focus on attracting new regional clients and retention, as well as explore more acquisition opportunities.

CTD will pay an interim dividend of 4.5 cents per share on April 11, up 13 per cent on pcp.

Shares are trading down 1.7 per cent at $5.19 per unit.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Looking for a credit or charge card that’s built for your business? Try American Express
Partner Content
A good credit card should work for you, not against you, and let you and your business ...
American Express
Advertisement

Related Stories

Devine abandons Alba to upsize at Burleigh Heads with $400m Burly tower

Devine abandons Alba to upsize at Burleigh Heads with $400m Burly tower

In a sign that the heat has yet to come out of the Gold Coast prope...

Mandatory COVID isolation to end nationally mid-October

Mandatory COVID isolation to end nationally mid-October

National Cabinet has today determined that mandatory isolation peri...

Sunset on the horizon in 2023 for developer Sunland

Sunset on the horizon in 2023 for developer Sunland

A developer behind some of the Gold Coast's most iconic buildin...

Tritium teams up with JET Charge to create world’s longest EV highway in WA

Tritium teams up with JET Charge to create world’s longest EV highway in WA

Brisbane-based electric vehicle charger group Tritium DCFC (NASDAQ:...