Jetset Travelworld’s full year profit has fallen by 72 per cent because of costs related to a restructure that resulted in 110 job cuts.

The travel group recently overhauled its loss-making Travel Management business, which provides flight and accommodation bookings to government and corporate clients, removing 110 employees.

The restructure cost $7.6 million, and the value of the Travel Management operations was cut by $11.2 million.

Those charges caused Jetset Travelworld’s profit in the year to June 30 to fall to $5.5 million, from $19.2 million in the previous year.

Chief executive Peter Lacaze said falling airfares, volatile exchange rates and Qantas’ fleet grounding in October also made the 2011/12 financial year a challenge.

“The economic outlook for the financial year ending June 2013 continues to be uncertain due to a variety of economic circumstances and it is difficult to predict the outlook for demand,” he said in a statement.

Jetset Travelworld also operates the Harvey World Travel, BestFlights.com.au and Qantas Holidays businesses.