Profits from Flight Centre and Helloworld disappointed investors as cost-of-living pressures took their toll on travel budgets and airfares tumbled, requiring a bumper result for bookings in the June half to meet annual targets.
Shares in travel agent Flight Centre opened 11 per cent lower and Helloworld 22 per cent lower on Wednesday.
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Ayesha de Kretser is a senior reporter with The Australian Financial Review covering the aviation and tourism sectors. She has previously reported on banking, mining and commodity markets. Connect with Ayesha on Twitter. Email Ayesha at ayesha.dekretser@afr.com.au
