News

Wotif profit down 15%

Online travel group Wotif.com have reported a 15% drop in its full year profit, amid increasing costs and a slide in accommodation bookings.

Total net profit for the 12 months to 30 June was $43.2 million, down from $51 million a year ago. The company did lift its full year revenue by 2.1% to $149.7 million, attributed to increasing commissions and higher room rates.

Wotif chief executive Scott Blume said the group delivered a more diversified business, featuring accommodation sales as well as fast-growing flights and packaging businesses with a focus on international travel.

Blume added revenue gains predominantly driven by an increase in commissions and room rates were offset by a decrease in room night sales.

Wotif.com is currently the subject of a takeover bid by global travel giant Expedia, with the arrangement for Expedia to take 100 per cent ownership of the company for around $703 million, pending shareholder and regulatory approvals.

The company did not announce a final dividend but will pay shareholders a special dividend of 24 cents per share if the takeover goes ahead.

Adding to the main website, Wotif owns a string of other sites including lastminute.com.au, travel.com.au and asiawebdirect.com.

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