Release of Jetset Travelworld Limited’s results reflect a challenging year despite a $5.5 million after tax profit for the year to 30 June.

Down 72 percent on the previous year result, the company chief executive officer Peter Lacaze said he was pleased the group performed well in a variable market.

“The year produced mixed results for the company after a challenging year which experienced reduced average selling prices for international air product, exchange rate volatility and industrial action affecting the Australian national carrier, Qantas,” Mr Lacaze said.

According to Mr Lacaze, a softening demand in the key leisure travel market and reduction in average selling prices for international air product lead to a decrease of three percent in total transaction value (TTV), to $5.63 billion, on a consolidated pro forma basis.

The retail segment remained stable during the twelve month period, increasing TTV by four percent to $4 billion.

The franchisees, members and affiliates representing this sector were a significant driver of the company’s continued success, experiencing solid growth in the number of transactions and ticket numbers.

The company wholesale sector experienced an increase of 30 percent to $858.1 million, reflecting the successful integration of the now wholly owned Harvey’s Choice Holidays.

Launched in May this year, Jetset Travelworld’s online wholesale business ReadyRooms.com.au added to the wholesale sector results.

The migration of the operating system for the company’s Travel Management segment, QBT went to plan, however the significant event was key to the loss of $3.3 million.

The company previously announced the losses incurred were in excess of expectations and QBT management have been actively seeking to implement productivity improvements to reduce costs.

While Jetset Travelworld recognises the economic outlook for the coming year is uncertain, the group is focused on successfully implementing the restructuring initiatives and adapting to suit the current and emerging trends.

 Jetset Travelworld Limited chairman Tom Dery thanked Mr Lacaze for his role with the company, as he steps down from his role as director and welcomes Mr Rob Gurney as the chief executive officer designate.