At the same time as unveiling restructuring plans, ebookers said it had achieved its first adjusted pre-tax profit of £1.3 million, compared with losses of £5.2 million a year earlier. Bottom-line losses in the year to December 31 widened to £14.9 million from £12.3 million in 2002 as ebookers took exceptional costs of £5.1 million. Chairman Dinesh Dhamija said that, while 2003 had been a difficult year with the Iraq war and the Sars outbreak, the year had ended promisingly. 2004 He added: "Our fourth quarter showed continued growth and we have entered 2004 with tremendous organic Internet growth of 69%. "The success of our Internet strategy means that we can announce today a significant cost reduction programme that will further improve the efficiency of the company." The overhaul will see the disposal of nine retail outlets, including some of those belonging to £52.6 million acquisition Travelbag.