World News – UA – Corporate Travel Management (ASX: CTD) Prepares to Raise Fund – The Market Herald


The billion dollar travel agency, which offers travel packages for the business world, went out of business early this morning

While it is not yet clear how much CTD intends to raise – or what it will use the funding for – shares are expected to resume trading on or before Thursday, October 1.

At the end of the fiscal year, the CPC filed a 2 million statutory net loss after tax This is a significant shift – down 109% – from the previous year’s figures At the end of the previous corresponding period (PCP), the ASX 200-lister reported $ 86 2 million in net profits

Annual revenues were also down to $ 349.9 million from $ 449 in fiscal 20194 million However, the company’s total operating expenses only increased slightly in fiscal year 20 – CTD lost just over $ 352 million on operations during the year, up slightly from the PCP’s $ 3258 million

Speaking of the results, Jamie Pherous, managing director of CTD, said annual revenues exceeded previous expectations

« Because we reacted early and quickly with layoffs and other cost reductions, we were able to stem our losses very quickly and we do not anticipate any other significant one-time costs in the current fiscal year FY21, « Jamie said

« Our business model also positions the company for a rapid return to profitability with only a marginal increase in domestic travel activity from current levels, » he concluded

As of June 30, Corporate Travel Management had $ 92.8 million in the bank – a moderate drop from the $ 138 million in reserves of FY198 million

As a result, the company’s latest funding foray could boost its balance sheet or strengthen it to withstand the economic effects of COVID-19

Corporate Travel Management Limited, ASX, ASX: CTD, Jamie Pherous, Mergers and Acquisitions, Travel Agency

News from around the world – AU – Corporate Travel Management (ASX: CTD) se preparing to raise funds – The Market Herald


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