Flight Centre has announced a $28 million adjustment to its 2008 acquisition of the Liberty Travel Group in the United States.

The goodwill reduction was made on the agency Group’s balance at 30 June 2011 and will affect its reported earning over 2010 and 2011.

A statement from the Group read that despite the tough market, its US business reached earnings before interest and tax (EBIT) of up to $2 million, a stark increase from its $2.3 million loss during 2009/10.

The Group added that although its US business reached profit for the first time since launching in 1999, the acquired retail and wholesale business performed under expectations.

In total the agency Company is expecting to see a trading profit before tax of up to $247 million, a rise from $198.5 million during the 2009/10 period.