Kuoni’s new global focus brings significantly higher earnings in 2011
March 20, 2012 | by Kuoni Reisen AG
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March 20, 2012, Kuoni Group had a successful 2011 financial year. Turnover increased by a significant 28% to CHF 5111 million (2010: CHF 3 984 million), Earnings before interest and taxes (EBIT) went up 27% to CHF 74.2 million (2010: CHF 58.4 million). Underlying EBIT before the cost of acquiring and integrating GTA rose to CHF 168.9 million (2010: CHF 127.1 million). Net profit was also substantially up on the previous year, increasing from CHF 23.2 million to CHF 33.3 million. These positive results are attributable to the Kuoni Group’s new global focus and stronger business activities in the growth markets of Asia.
The continued growth of the Destinations Division and the acquisition of destination management services provider Gullivers Travel Associates (GTA) in May 2011 contributed greatly to this. Tour operating business in Asia and the sharp worldwide expansion of VFS Global’s visa services business also helped boost results. Political upheaval in the Middle East, the European debt crisis and the natural and nuclear disasters in Japan prevented even stronger growth by the Kuoni Group. Meanwhile, the strength of the Swiss franc against all the major currencies had a negative impact on results.
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Source: Kuoni Reisen AG, Press release