Final FA PDF - Asia Travel

chairman’s statement
Facing the tide with a smile...
"We’re unlike some successful companies in Singapore which try to replicate their success formula
outside. You’ll find that there’s no replication on our part, our products and services have a global reach."
Performance - Resilience
Dear Shareholders,
The first year of the new millennium was a troubling watershed for the global economy. The 11th September 2001 terrorists' attacks
in the US further exacerbated the fragile physiology of the global economy, serving as a trigger point to send trading environments
into a tailspin. The travel industry similarly was not spared.
Successful IPO and Awards
Despite the weak economic conditions, the Group performed credibly and was successfully listed on the Singapore Exchange's
SESDAQ on 11th April 2001. The Group also received two prestigious awards in Singapore: these were the 2001 eAwards eTravel
winner, and first place in the Year 2001 Enterprise 50 Dotcom Award.
The successful IPO and industry recognition reinforce the decision by the founding shareholders to incorporate and harness the
potential of the Internet to develop Asia Travel into a leading online hotel reservations and travel-related services provider in the
international travel and hospitality arena.
Results
Asia Travel's overall performance was marginally affected by both the tragic 11th September 2001 events in the US and the arid
global economic climate. This was in a large part due to the Group's strong and focused branding and customer loyalty.
As such, Asia Travel's business remains sound, profitable and resilient. The Group recorded a turnover of S$26.8 million for the
year ended September 2001 as compared to S$19.4* million for the previous year. This represents an increase of 38 %.
The improved performance was due largely to the increase in daily visitors to our website, and the increased turnover of subsidiaries
in Dubai, Singapore, Malaysia, Hong Kong and Australia; as well as a wider geographical coverage in North Asia.
The Group’s operating profit before income tax, minority interests but after depreciation and amortisation as well as foreign exchange
gain/(loss) decreased by 38% from S$2.8 million to S$1.7 million due mainly to start-up costs incurred by the Group’s new B2C
offices, marketing and promotional expenses for the launch of the Group’s B2B platforms as well as preliminary expenditure writtenoff
due to the change in new Accounting Standard (SAS 34).
Focused and Poised for Growth
In October 2001, the Group adopted a proactive stance to counter possible obstacles as the global economy enters a new year
characterized by uncertainty.
*Based on full year pro-forma financial statements
4