YTB International eked out a $288,000 net profit in the third quarter of 2008, compared with $2.1 million in the year-ago third quarter. Third-quarter revenue was $42.9 million, up 7.5 percent from $39.9 million. Revenue from travel commissions and services was $8 million, up from $5.5 million. Total operating expenses rose 13 percent, from $37.7 million to $42.5 million.
The global financial crisis and its impact on tourism and foreign direct investment in the region were among matters discussed at the 24th Meeting of the Bureau of the Conference of Heads of Government of the CARICOM Community in St. John’s, Antigua last Saturday.
Trump Ocean Club, the striking $400 million oceanfront condominium developed by K-Group, premier real estate developer, has joined forces with the renowned HBA/Hirsch Bedner Associates to bring a new level of hotel design to Latin America.
Travelocity Business UK has sold its UK hotel and conference booking service to specialist Expotel for an undisclosed sum. It will continue to operate as a full service travel management company. Expotel has acquired the First Option name and existing hotel and conference clients.
Tourism generated nearly $20 billion in revenue for federal, provincial and local governments in Canada last year, up 4.3 percent from a year earlier despite a drop in visits and spending by foreign tourists and the first half-point cut in the GST which cut into federal tourism revenues.
TUI Travel has reduced its U.K. winter capacity by 28 percent, which has helped boost vacation prices an average of 10 percent, the U.K. travel company said in a trading update released Friday.