Leisureplanet Holdings' South African Subsidiary Announces Results for the Six Months ended December 31, 1999
(BusinessWire, Feb 24, 2000 10:59 hrs)
JOHANNESBURG, South Africa--(BUSINESS WIRE)--Feb. 24, 2000--
First Lifestyle Holdings Reports 41% Profit Growth and a 42%
Revenue Increase
First Lifestyle Holdings, the 51%-owned South African consumer goods subsidiary of Leisureplanet Holdings, Ltd. (NASDAQ:LPHL), today reported financial results for the six months ended December 31, 1999.
The group's results, stated in South African Rand, showed net profits of ZAR 33.8 million (approximately $5.53 million at current exchange rates), an increase of 41% in ZAR terms over the previous year. Earnings per share grew 25% to ZAR 0.214 per share. Revenues totaled ZAR 319.5 million (approximately 52.2 million at current exchange rates), an increase of 42% in ZAR terms over the previous year.
Clive Kabatznik, Chief Executive Officer of Leisureplanet Holdings, said, "First Lifestyle Holdings has again outperformed its South African peers. The growth in revenues and earnings is testament to the quality of the group's management and operating companies. We are confident that over the medium term, the inherent value of our stake in this subsidiary will enhance overall shareholder value." About Leisureplanet:
Leisureplanet is a leading international leisure travel e-commerce company. Leisureplanet provides travel booking and customer services to on-line consumers through its own web sites, partner sites and Internet media companies, including Yahoo!, Lycos and InfoSpace. The service features the world's largest image-rich hotel database; flight, car and hotel reservation facilities; package holidays and cruises, plus comprehensive proprietary travel guides on more than 180 travel destinations. Leisureplanet is committed to achieving leadership in global travel e-commerce by offering tailored services in European and international markets. Operations include a multi-lingual call center and e-mail customer support facilities, two electronic publishing units, an information system and web site development unit, a hotel recruitment centre and an international travel agency partner network.
Leisureplanet offers choice, competitive prices and customer service. The company has distributed services to international localized web sites supported by local customer service agents throughout Europe and other international markets. Each local web site provides a comprehensive selection of competitively priced travel products for local consumers, presented in local language.
Leisureplanet Holdings, Ltd. (NASDAQ:LPHL) is a publicly traded investment company, focusing on investing in non-U.S., Internet-related businesses. Its current holdings include a majority stake in Leisureplanet, a leading Internet travel services provider, as well as businesses in various industries, including value-added convenience foods and leisure products. The statements which are not historical facts contained in this press release are forward-looking statements that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, unpredictability of patent protection, technological changes, the effect of economic conditions and other uncertainties detailed in Leisureplanet Holdings, Ltd.'s filings with the Securities and Exchange Commission.
CONTACT: Leisureplanet Holdings Ltd., Leuven, Belgium
Rebecca Freeman, 011-32-384-152
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