Kerry based travel group CNG has announced a pre-tax loss of $5.6m for the year ending December 31, 2004, down from a loss of $1.5m the previous year.
The company successfully floated on London's AIM last May, raising €40m. It said its turnover for the year increased 15% to $55.5m year on year. Total gross travel value bookings for last year amounted to $640m, up 23% on 2003.
CNG announced a statutory loss per share of 15.4 cents.
Today's results include the first full year contribution from Tzel Travel, the US corporate travel agency. CNG bought 80% of Tzell in July 2003 and the rest of the company at its flotation in May.
In a statement, CNG said it achieved many significant milestones in 2004, and although it did not get to where it had hoped to be in terms of profit generation, it said that many of the obstacles have been removed in order for it to achieve an earnings enhancing performance.
'Our database of hotels grows every week while our technology platform has been greatly enhanced,' the company said.
CNG said it expects the online business to develop in 2005 and to start delivering profits both from the corporate channel and its other businesses.
'The company is confident that the business will continue its swift development in 2005, and as a result of many initiatives in 2004, deliver profits for the group from both the corporate division and our other business,' commented Group CEO Finbarr Power.
