Kuoni has announced its financial results for the first half of 2011, with losses narrowing slightly compared to the same period last year. The Switzerland-based tour operator posted an operating loss of CHF32.5 million (US$41.4 million) in the six-month period, compared to a CHF37.8 million deficit in H1 2010. This was achieved however, despite the one-off costs associated with the acquisition of Gulliver’s Travel Associates (GTA) from Travelport in May this year.
The company’s revenue increased 18.7% in the first half of 2011 to CHF2.08 billion, with Kuoni’s Asian division contributing CHF186 million- 27.4% up year-on-year. Kuoni has predicted that it will achieve total revenues of CHF5 million for full-year 2011.
Peter Rothwell, CEO of the Kuoni Group commented; “The purchase of GTA is an important transformational acquisition for Kuoni, which gives the company an excellent strategic position in a large and growing market. The group’s positive organic turnover growth of 6.2 % delivered an improved result. I’m very pleased in particular with the strong growth in the Destinations Division, in VFS Global, and in Scandinavia.”