Profits down at Jasons Travel Media

Jasons Travel Media has reported a fall in pre-tax profits to $1.22 million for the year to the end of March, compared to $1.55 million the previous year.

The company said today that after-tax profit would be in the vicinity of $787,000, down from $982,000 a year ago.

Jasons said the operating surplus was below earlier projections, due to the effects of the current economic climate.

Core print and web products and the distribution business, including recent acquisitions, continued to perform well, chairman Geoff Burns said.

But smaller publications, particularly some local maps and guides, had lower revenue than earlier expected.

The company, which produces accommodation directories, touring maps and guides, and has a travel channel and website, last year saw its chief executive Steven Joyce resign to successfully run for Parliament. Joyce is now Infrastructure, Transport and Communications Minister. He was replaced at Jasons by Matthew Mayne.

It is listed on the alternative exchange of the New Zealand stock exchange, the NZAX and has a market capitalisation of $14.8 million.

Chairman Geoff Burns said the performance of major publications remained strong and ahead of last year's revenue.

The board anticipated maintaining last year's fully imputed final dividend of 1.5 cents per share, making a fully imputed total of 3cps for the year.

An audited year end result, and comment on progress for the 2009/10 year, would be provided in early June, said Burns.

- NZPA