Andrew Colley | August 06, 2008
ONLINE travel portal operator Webjet has reported a sharp jump in after tax profit for the 2008 financial year but delivered a cautious guidance for the year ahead.
The company's net profit after tax for the 12 months to June 2008 jumped 134 per cent compared with the previous corresponding period to reach $9.4 million. Its revenue jumped 44 per cent to reach $25.1 million during the same period.
The profit included a $2.7 million one-off benefit through a tax instrument taking advantage of copyright of its core software operating platform.
The value of transactions across Webjet's portals increased 32 per cent to $330 million.
Webjet said it expected profit growth to remain in double figures for the 2008 financial year but warned that higher oil prices and interest rates, and a fall in consumer confidence were likely to suppress demand for travel.
It said that aggressive bargain hunting by consumers online would offset decreased margins as airlines increase capacity.
A fall from current rates of employment would "seriously affect demand for travel", the company said.