Kuoni posts higher than expected H1 profits |
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Tue, 22 Aug 2006 09:00
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ZURICH - Kuoni Reisen Holding, the Swiss tour operator, posted a higher than expected profits for the first half of the year, beating analysts' prediction of 7.9 million sfr.
The group improved its sales rate by 11 percent to 1.75 billion francs up from 1.577 billion francs posted during the same period last year. Earlier this year, Kuoni has bought out Distant Frontiers, taking the total number of acquisitions to four in 2 years. The CEO of the company, Armin Meier, hopes to make more acquisitions in the coming future.
Meanwhile, Andreas Schmid resigned from his position as Chairman of Kuoni citing difference of opinion between Meier and himself as the main reason. Things between the two started to get tense when Schmid opposed the merger between Kuoni and UK travel group First Choice Holidays, which eventually failed due to the unwillingness of some of the other members of Kuoni board. Most of the management had threatened to give out their resignations if Meier was sacked or if Schmid continued. Henning Boysen was appointed as the new chairman of the company on Monday.
Shares have dropped by 7.4 percent in a year after Kuoni management denied that they were under any discussions of a possible merger.
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