Jetset plans job cuts after it missed profit goals.

Jetset Travelworld, the travel group partly owned by Qantas, will axe about 110 jobs - more than half of which will be from its travel management business - and report a smaller annual profit.

The travel retailer, whose brands include Harvey World Travel and Qantas Business Travel, warned today that its pre-tax profit this financial year will be less than the $30.7 million it reported in 2010-11 because of one-off restructuring and impairment charges.

The tightly held stock was unchanged at 35 cents early today, leaving its market value at just half of what it was at the start of the year.

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Qantas is the largest shareholder in Jetset with a 29 per cent stake, while CVC Asia Pacific and UBS have holdings of 27 per cent and 18 per cent respectively.

The brunt of the changes announced today will be felt by its travel management division, which will lose about 66 of the 110 jobs to be cut across Jetset's businesses.

The majority of the other jobs to be axed will be from its wholesale travel division.

Jetset began a review of its businesses in late April when it warned of a softening in demand for travel in March and April, which are among what is traditionally its busiest trading period.

Annual savings

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Jetset to jettison jobs as profit falls short