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Webjet share price drops

 

webjetOnline travel agent Webjet’s share price has fallen after it warned investors subdued domestic market conditions were set to continue.

The company said its core market, Australian air travel, was flat, with no growth in the leisure market and passenger numbers slightly lower.

That is expected to continue for the remainder of the current financial year, Webjet said in an investor briefing.

Webjet shares dropped four cents to $3.10.

It expects underlying earnings of $27 million in the current financial year, which compares to earnings before interest, tax, depreciation and amortisation of $23.3 million in 2013/14.

Webjet’s net profit almost tripled in 2013/14 to $19.1 million, as the performance of Hong Kong and Singapore’s leading online travel agency Zuji significantly improved.

Webjet expects Zuji to break even in 2014/15, as the Hong Kong business experienced a difficult trading environment, which would affect sales and margins.

Zuji’s total transaction values are expected to grow in Australia and Singapore, Webjet said.

AAP

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