Tuesday, December 2, 2008

Jasons Travel Media improves half year results

National Business Review
2 December 2008

Jasons Travel Media has announced an improved half year result but is wary of what effect a downturn in tourism might have on its customers.

Half year results, released today, for the six months to the end of September revealed a net surplus before tax of $2.195 million, compared to $1.978m for the same period last year.

Consolidated operating revenue was $8.22m (last half year $7.819m) and directors will be paying out an unchanged interim dividend of 1.5 cents per share, or a total of $297,500.

Jasons shares were worth 75c on the New Zealand stock exchange today.

The company, which produces accommodation directories, touring maps and guides, and has a travel channel and website, this year saw its chief executive Steven Joyce resign to successfully run for Parliament. He was replaced by Matthew Mayne in September.

Chairman Geoff Burns said the performance of major publications remained strong and ahead of last year's revenue.

Jasons was expected to declare a full year net surplus before tax of about 5 to 10 percent ahead of last year's result of $1.552m.

"However, the current economic climate is generally expected to have a negative impact on the travel, accommodation and activities businesses, which make up Jasons' customer base."

In the first half of the year Jasons bought a distribution franchise in Rotorua. The Rotorua Dining Guide and Rotorua What's On would be published for the first time in what is an important tourism market.

Commission-free instant online accommodation bookings was successfully launched and the development had been introduced into Australia.

Commission-free booking of visitor activities should be online before the end of the year.


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