According to a new report, the Australian Federation of Travel Agents has reported a loss of about $12,000 in its annual report for the year to December 31^st. The CEO of the company, Jayson Westbury, said that the loss occurred because of a decision made by directors to invest some of the Australian Federation of Travel Agents’ reserve in preparing a discussion paper and submission on the review of consumer protection in the travel industry.

The CEO of the Federation of Travel Agents went on to explain that the result was achieved without the need to use any of the cash reserves that the company holds. The company was able to remain in a strong financial position, and they currently hold over $2.5 million in new equity. Thus, the $12,000 was simply a modest loss.

Of course, Mr Westbury did go on to admit that the past year has been very difficult for the travel industry as a whole. However, he was very quick to add that he was very pleased that the Australian Federation of Travel Agents has maintained a significant level of memberships in spite of this difficult trading time.

He finished up by saying that it has been a very busy year for the Federation of Travel Agents. Although they have lost a few members over the year, the strength and support of the great majority of the industry demonstrates that they are getting their polices right.

Overall, this has been a very difficult time for the travel industry. In light of the economic downturn and the drop in passenger numbers, it is great the company was able to post only a loss of $12,000. Many other companies in the travel industry have been posting losses that are much higher.