Tuesday 23rd September 2008
|Text too small?|
No price was disclosed for the acquisition of Experience New Zealand Travel, an online travel agent that markets travel products in the US and the UK. Short-term visitors from Japan fell 9% in the 12 months ended in August, according to the latest government figures. By contrast, US arrivals fell only 0.8% and those from the UK dropped 4%.
The purchase is "a major step in generating revenues from other sources," said chairman Rodney Walshe, in a statement.
Southern Travel stock last traded at 26 cents and has declined 32% this year.
No comments yet
Southern Travel's quest for profitability set back by Japan, Christchurch disasters
Travel services company expects loss after natural disasters
Daily ShareChat: Steel and Tube
Southern Travel posts first-half loss as swine flu, downturn hurt sales