Turbulence in the dot-com world continues with Internet travel operator Travel.com.au blaming a slowdown after an Olympic spending spree and the ailing Aussie dollar for a revenue forecast shortfall.
Announcing half-yearly revenue of AU$66.8 million at 31 December 2000 - up 37 percent on last year - Travel.com said it had failed to reach forecasts.
Six months ago, the online travel agent said it expected full year revenues to hit the AU$200 million mark, but now says it will be closer to AU$155 million.
"It was definitely a surprise that the drop was as great as it was," Travel.com CEO David Tonkin told ZDNet. However, it's still a 30 percent rise on last year's revenues of AU$119 million, he added.
"We're taking a fairly conservative stance," Tonkin said of Travel.com's reviewed forecast, "but we hope to do better than that".
Tonkin attributed the lower than anticipated figures forward bookings for November/December during the Olympics period that consequently fell through when Australians had to re-balance the books and tighten their belts after the games.
"November and December are usually very strong months but [Australians] spent too much money during the Olympics," Tonkin said.
"Forward bookings during the Olympics period and the low Australian dollar meant people had to postpone plans."
Travel.com's tribulations may be starting to see a turnaround, according to Tonkin, with inquiry levels picking up.
"Forward booking is very strong this month already."
Travel.com announced cash reserves at 15 January 2001 in excess of AU$14.5 million and registered members at 31 December 2000 were 263,000 - up from 133,000 at 31 December 1999.
"We estimate we'll have 320,000 - 350,000 members within the next twelve months," Tonkin said.
