• Switzerland edition
 
Swiss travel firm Kuoni suffers weak results
Photo: Eddie

Swiss travel firm Kuoni suffers weak results

Published: 21 Aug 2014 12:48 GMT+02:00
Updated: 21 Aug 2014 12:48 GMT+02:00

For the first half of the year, Kuoni posted a net loss of 14 million Swiss francs ($15.3 million, 11.6 million euros), a big improvement from the 74.3 million franc loss it reported a year earlier.
   
But while the net loss was less than half of the 26.8 million loss which analysts polled by the AWP financial news agency had expected, the travel group's revenue and operating income for the six-month period disappointed.
   
Company chief Peter Meier blamed unrest in many traditional tourist destinations.
   
"With all the negative geopolitical developments in Egypt, Kenya, Thailand, and the Ukraine, the operating environment has been challenging," he said in the earnings statement.
   
"We expect it to remain so for the rest of this year," he said, adding that currency trends in Japan, India, Indonesia, Australia, Russia and Scandinavia had also had "a negative effect on consumer sentiment."
   
From January to June, the company posted income of 2.48 billion francs ($2.71 billion) – down six percent from the equivalent figure last year and below the 2.55 billion francs anticipated by analysts.
   
The company also posted a loss, before interest and tax (Ebit), of 17.1 million francs ($18.7 million) – an improvement over the 18 million franc adjusted loss suffered during the first half of 2013.
   
However, not counting the 10.1 million francs it pulled in on the sale of a Zurich property, the Ebit result showed a decline since last year and was far worse than the 16.3 million loss expected by analysts.
   
The Vontobel analysis firm voiced deep disappointment at the operating loss and emphasised that the travel firm had shown negative organic turnover growth (-1.0 per cent) for the first time since 2009.
   
Despite all its difficulties, Kuoni said it expected its full-year operating income to tick in at between 85 and 95 million francs, and forecast that its full-year net result would be similar to the 69.2 million francs it raked in 2013.
   
Following the announcement, Kuoni shares plunged 9.2 percent to 286 francs in late morning trading as the Swiss stock exchange's SPI index rose 0.5 percent.

For more stories about Switzerland, join us on Facebook and Twitter

Your comments about this article

Today's headlines
Last volume of Swiss history lexicon finished
Initial volumes of the dictionary of Swiss history (in French) next to other reference books. Photo: Ludovic Péron

Last volume of Swiss history lexicon finished

The final volume of a massive dictionary of Swiss history is set to be published at the end of the week. READ  

Federer poised for home-town glory in Basel
Federer at Swiss Indoors last year. Photo: AFP

Federer poised for home-town glory in Basel

Life couldn't be better — or more surprising — for Switzerland's Roger Federer as the 33-year-old takes aim at multiple major goals starting with a sixth title at his home Swiss Indoors tennis tournament in Basel. READ  

WHO slammed for 'slow' response to Ebola virus
Hospital doctor in Philippines checks an isolation room for Ebola patients. Photo: Ted Aljibe/AFP

WHO slammed for 'slow' response to Ebola virus

The Geneva-based World Health Organization insisted on Tuesday it would probe complaints that it had been slow to wake up to the scale of Ebola, but insisted the focus now must be on battling the epidemic. READ  

Majority back new immigration curbs: poll
Detail of poster for Ecopop proposal. Photo: ecopop.ch

Majority back new immigration curbs: poll

A majority of Swiss citizens support a proposal to limit annual net immigration to 0.2 percent of Switzerland’s population, a new survey indicates. READ  

Eritrean refugees find shelter at Swiss abbey
Eritrean refugees in front of Einsiedeln abbey. Photo: Fabrice Coffrini/AFP

Eritrean refugees find shelter at Swiss abbey

After a harrowing flight from autocratic Eritrea, the last place Nuguse Teklestion expected to call home was the pastoral grounds of a Swiss monastery housing a mysterious black Madonna. READ  

Celebrated Swiss portrait photographer dies
Burri at the Elysée museum last year. Photo: Elyséee Museum

Celebrated Swiss portrait photographer dies

Swiss photographer René Burri, celebrated for his portraits of Che Guevara and Pablo Picasso, died Monday in Zurich aged 81, the Magnum agency said. READ  

'Monstrous' child molester jailed 15 years
Photo: Canton of Ticino

'Monstrous' child molester jailed 15 years

A 35-year-old man who sexually abused five girls of primary school age a total of more than 900 times was sentenced to a 15-year prison term by a court in the canton of Ticino on Monday. READ  

Fourteen-year-old Swiss whiz kid enrols at uni
Bastian Eichenberger: speaks nine languages. Photo: Sandra Meyndt/University of Freiburg

Fourteen-year-old Swiss whiz kid enrols at uni

A Swiss teenager has become the youngest university student in Germany, according to media reports in Switzerland. READ  

Electrolux to close Swiss manufacturing plant
Photo: AFP

Electrolux to close Swiss manufacturing plant

Swedish home appliances maker Electrolux plans to close its production plant in Schwanden in the canton of Glarus, eliminating 120 full-time jobs, partly because of tighter rules about Swiss-made products. READ  

Three kids hospitalized in crossing car crash
Photo: Zurich cantonal police

Three kids hospitalized in crossing car crash

Three children are in hospital, including a six-month-old infant, after a car collided with a family walking across a pedestrian crossing in Oberglatt, a municipality near the Zurich airport, police said on Monday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Features
Eritrean asylum seekers find refuge in Swiss monastery town
National
Expat American professor disputes 'unjust' Swiss citizenship rejection
National
Sputtering eurozone drags down Swiss economic growth forecast
Features
Swiss-based English expat writer lauds immigrant 'brains and brawn'
International
Our survey: Switzerland third priciest for food and drink from back home
National
Zurich market gardener sets world 'record' for heaviest pumpkin
National
Report: Switzerland's residents richer than before economic crash
Features
Geneva lab sleuths use high tech to help art world uncover fakes
National
Father of Scot missing since early September fears Swiss trauma
National
Foreign women give birth to rising share of newborns: latest figures
National
'Giant's penis' bloom in Basel uni botanical garden bigger than ever
National
Switzerland's voters reject public health insurance proposal
National
Zooming foreign immigration continues to boost Swiss population
National
Scientific study rings alarm over wellbeing of Swiss cows with bells
National
Geneva MP seeks ban on charging for tap water in restaurants
Business & Money
Switzerland's residents top world financial wealth list: Allianz report
National
Saint Maurice abbey in Valais celebrates 1,500 years of history
National
Streaming movie video service Netflix arrives in Switzerland
National
Professional Chilean base jumper dives to death in Swiss Alps
Education
ETH Zurich remains top university in Europe: QS world rankings
National
Switzerland's housing vacancy rate jumps: new federal figures
National
Swiss football club fires team masseuse over explicit sex video
National
Geneva police arrest easyJet passenger over hand luggage row
Business & Money
Latest forecasts for Swiss economic growth turn less bullish
Sport
Formula One legend Schumacher to continue treatment at Swiss home
National
Former federal planning official calls for nine Swiss cantons
Features
The Local gets the lowdown on mushroom picking in Switzerland
National
Virgin boss Richard Branson's son rescued from peak of Matterhorn
National
Swiss President Didier Burkhalter's commute turns Twitter sensation
Features
High-tech cameras give dizzy view of Eiger's north face (VIDEO)
Politics
Baden municipal council strips 'nude selfies mayor' of duties
Business & Money
Switzerland stays atop competitiveness table for sixth year
National
Federal parliament secretary agrees to step down over nude selfies
National
Swiss residents pick Swedes as ideal European soul mates: survey
National
Zurich officials call project to move prostitutes to 'sex boxes' a success
National
Swiss gays recognized as parents of child born to surrogate mother
Health
Increase in mountain bike accidents keeps Swiss hospitals busy
National
Swiss policeman belatedly honoured for saving Jews from Holocaust
National
'Suicide tourists' to Switzerland double in three years: study
National
Swiss Post SMS scheme gets stamp of approval after pilot project
Business & Money
American tax evasion crackdown hits Swiss private banks' bottom line
Politics
Woman accuses Swiss politician in nude selfies scandal of lying
National
Villagers in Graubünden valley reject hydro plant to protect vultures
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Germany

More news from Germany at thelocal.de

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

2,272
jobs available