Kuoni reports profit plunge on travel slump

Switzerland-based global travel group Kuoni reported annual net profit plunged in 2009 as the global economic crisis put off travellers. Kuoni said it had seen signs of a recovery so far this year but travellers were still shunning longer term bookings. Net profit for 2009 was SF1.6 million (Dh5.55m) compared with SF151m in 2008.