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Jasons Travel posts 18% profit gain on acquisitions

Monday 1st December 2008

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Jasons Travel Media, a travel listings company, posted an 18% gain in first half profit, reflecting revenue from new acquisitions, and said it expects to lift full-year earnings.

Net income rose to $1.4 million from $1.2 million a year earlier, the company said in a statement. Sales rose 5.1% to $8.2 million.

"For the remainder of the year, indications are for steady revenue performance for publications and online revenue, chairman Geoff Burns said. Still, "the current economic climate is generally expected to have a negative impact on the travel, accommodation and activities businesses, which make up Jasons customer base."

The company made three acquisitions in the past 12 months - internet booking websites of Strait Solutions, the Today-Tonight visitor guide print publications in Christchurch and Queenstown, and a brochure distribution and visitor guides business.

The shares last traded on October 2 at 75 cents and are down 22% this year. The company will pay an unchanged first-half dividend of 1.5 cents a share.

Jasons in September appointed Matthew Mayne as chief executive after former CEO Steven Joyce stood down to successfully contest the nation's elections.

By Jonathan Underhill

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