Kuoni has cut first-half losses and says it expects overall earnings to improve in 2013.
In a trading update, the Swiss-based tour operator reported that exiting loss-making European activities generated costs of 47.5 million Swiss francs.
However, six month net losses stood at 77.4 million Swiss francs compared to 51.2 million in the same period last year.
The period saw earnings before amortisation, or EBITA, hit 35 million Swiss francs, a turnaround from a loss of 11.6 million Swiss francs last year.
Peter Meier, interim chief executive of Kuoni Group, said: “Based on current trading, we expect to see improved operating earnings for the 2013 financial year as a whole.”
Kuoni said turnover for the first half was flat at 2.64 billion francs and claimed organic turnover growth was 2.2%.
It said this growth largely offset the fall in turnover caused by the group exiting loss-making European tour operating activities
The trading update also said currency influences have had a positive impact on turnover of 1.1%.
“Overall, Kuoni Group projects full-year EBIT to be in the range of 135 million – 145 million Swiss francs, in line with market view,” the group said in a statement.