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Australia's Webjet forecasts negative cash flow, shares slide
November 22, 2017 / 12:32 AM / 25 days ago

Australia's Webjet forecasts negative cash flow, shares slide

Nov 22 (Reuters) - Australia’s Webjet Ltd on Wednesday said it expected negative cash flow in the first half of fiscal 2018 owing to a one-off acquisition cost incurred from buying European travel business JacTravel, sending its shares lower.

The online travel booking business added it expected annual earnings before interest, taxes, depreciation and amortisation of about A$80 million ($60.70 million), below analysts’ estimates.

Shares of the company slumped as much as 13.6 percent in its biggest intra-day percentage fall in five years.

$1 = 1.3180 Australian dollars Reporting by Chandini Monnappa in Bengaluru; Editing by Stephen Coates

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