Jasons Travel full-year profit falls 20%

Monday 4th May 2009

Jasons Travel Media, the travel and accommodation guide publisher, said full-year profit fell about 20% as revenue dipped at some of its smaller titles.

Profit fell to $787,000 in the 12 months ended March 31, from $982,000 a year earlier, the company said in a statement, citing unaudited figures. The company will release its full results in June. Operating profit fell to $1.2 million from $1.55.

The figures are below earlier projections “due to the general effects of the current economic climate,” chairman Geoff Burns said.

Core print and web products and its distribution business, including recent acquisitions, have continued to “perform well” while smaller publications, “particularly some local maps and guides, have suffered contraction in revenue, compared to earlier expectations,” Burns said.

The company expects to maintain its final dividend at 1.5 cents a share, fully imputed, making total payments of 3 cents for the year.

The shares trade infrequently and last changed hands on April 6 at 75 cents. Jasons has declined 6% in the past 12 months, outperforming the NZAX market, which is down about 30%.

Businesswire.co.nz

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