Tour operator Kuoni saw profit rise last year

Swiss tour operator Kuoni managed to record a record profit last year despite an economic downturn.

This content was published on March 19, 2009 - 09:22

The company, which also owns Zurich-based Edelweiss Air, reported on Wednesday that profit rose by 12.1 per cent to SFr152.1 million ($130 million) on SFr4.86 billion in revenues.

It said business units in Scandinavia, Asia and Switzerland made "particularly sizeable" contributions to the result.

The company also attributed its growth in part to acquisitions. In the past year Kuoni made seven purchases – mostly in the premium travel and destination management sector – that brought in revenues of SFr308 million.

The company is less optimistic about the current year. It says that while bookings were up late last week, they remained 25 per cent lower than last year.

Kuoni announced at the end of January that it would try to save SFr106 million. It will make job cuts but did not specify how many positions would be lost.

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