Kuoni Group saw turnover cut by 4.6% or CHF (Swiss francs) 269 million in 2013 due to the withdrawal from loss-making European tour operating activities.
Overall turnover for the Swiss-based long-haul operator came in at CHF 5.6 billion with operating profits three times higher than the previous year at CHF 154.2 million.
The net result improved significantly to CHF 69.2 million from a loss of 14.4 million in 2012, including CHF 47.6 million costs of withdrawing from tour operating activities in Italy, France and Belgium.
Newly-appointed chief executive Peter Meier said: “2013 was a successful year for the Kuoni Group, with further positive organic turnover growth and a significant increase in operating earnings.
“The group completed its transformation and the GTA integration successfully, and achieved a clear positive net result.
“All business segments made a positive contribution to earnings, even before positive one-off effects. The growth-oriented activities of Group Travel, FIT and the visa services provider VFS Global generated particularly pleasing increases in EBIT.”
Kuoni added: “In the first few weeks of 2014, political trouble in Thailand, Ukraine, Egypt and the Middle East led in various parts of the business to subdued demand for travel to these destinations as well as for visa services.”