Flight Centre Travel Group Ltd (ASX: FLT) released its 2018 financial results to the market today revealing a 12% increase in net profit.
Flight Centre is Australia’s largest travel agent booking company.
Here are some of the highlights from the result:
- Total transaction value up 8.5% to $1.7 billion
- Total revenue up 6.5% to $2.95 billion
- Profit before tax increased by 12% to $363 million
- Full year dividend up 20% to $1.67
According to Bloomberg, analysts were expecting Flight Centre Travel Group to report a profit of $275.75 million. Flight Centre reported a profit of $263 million. A dividend of $1.63 was also expected. With the result below estimates investors appear to have been disappointed by the company’s performance with the share price down 5% in early trade.
Investors may also be disappointed that an ABC investigation aired accusations of Flight Centre ‘ripping off customers’ and ‘underpaying staff in alcohol fuelled cult’.
Managing Director Graham Turner said: “The company’s record results highlight its business model’s strength, its ongoing relevance to customers globally and its increasing diversity.”
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