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Cullinan hard hit by slump in travelling.

Business Day (South Africa)

Byline: Julius Baumann

Cullinan hard hit by slump in travelling JULIUS BAUMANN Aviation and Tourism Editor LEISURE and travel group Cullinan Holdings has been hard hit by a volatile rand and a slump in the travel market in the six months to end-March, driving headline earnings a share 56% lower to 76c a share. However, chairman and CEO Michael Tollman believes the restructuring of all the company's divisions would see profitability improve in the next 12 months, though there is little prospect of a rapid economic recovery in the short term. Thompson Holidays, one of the company's biggest divisions catering for the outbound market, found the going particularly tough over the …

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