Jetset plans job cuts after it missed profit goals. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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. <\/p>\n
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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. <\/p>\n
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. <\/p>\n
The majority of the other jobs to be axed will be from its wholesale travel division. <\/p>\n
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. <\/p>\n
Annual savings <\/p>\n<\/p>\n
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Jetset to jettison jobs as profit falls short<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Jetset plans job cuts after it missed profit goals. Continue reading