Flight Centre clips wings by 10 per cent

The Flight Centre has downgraded profit forecasts by more than 10 per cent, citing redundancies and a change in the way it treats its New Zealand assets as reasons for the fall.

Its shares had their biggest fall in five months, 8.8 per cent, after the profit fall news but regained ground to close at A$14.10.

Managing director Graham Turner said pretax profit in the 12 months to June 30 would be A$106.5 million, compared with A$121.3 million last year.