After issuing its second profit warning in six months Flight Centre has had $600 million wiped off its market value.

Weaker spending on holidays and competition for business travellers are weighing on the global booking agency.

The franchise is also facing major shifts in the travel industry due to popular online site Expedia and a growing number of aggregator sites. Some analysts question if Flight Centre can respond to the challenge.

Investors slammed the company and heavily reduced its market value by about $600 million as its share dropped 13 percent. Flight Centre issued a warning a week before the end of the financial year saying that sales growth in its Australian operations remains much slower than normal.

Managing director Graham Turner said that Flight Centre’s international operations expect to see growth but because of various factors its Australian business will fall far short of its trajectory.

“Our international businesses will deliver solid profit growth, but the Australian business will not achieve its normal growth trajectory,” Turner said.