News Burst: Lastminute.com shares drop

News Burst: Lastminute.com shares drop

Summary: Investors not impressed by £9.3m quarterly loss

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Travel site lastminute.com saw its shares fall on the London market after announcing a loss of £9.3m for the second quarter, ending 30 June.

As of mid-morning shares were about 2p off their opening price of 155p. Lastminute, which sells excess stock of flights, holiday packages, restaurant and entertainment bookings and gifts, is not expected to reach profitability until 2003.

The company made a loss of £1.1m for the same quarter last year. Lastminute attributed the increased losses on expansion from travel packages into new types of products, and said it is ahead of its plans in drawing loyal users.

Gross profit for the quarter was up 34 percent to £950,000, according to lastminute cofounder Brent Hoberman. Registered user numbers Europe-wide have risen 50 percent to 2.1 million and the number of products the company sold during the quarter rose 21 percent to 90,500, lastminute said.

The company added new supplier deals including 6,400 hotels.

More details to follow.

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See also: the e-commerce special.

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Topic: Networking

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