Travelport Limited, announced its financial results for the second quarter ended June 30, 2010. Second Quarter 2010 Summary:
• Net Revenue of $598 million, a 1% increase over second quarter 2009
• Operating Income of $95 million, a 17% decrease over second quarter 2009
• Adjusted EBITDA of $176 million, a 2% decrease over second quarter 2009
First Half 2010 Summary:
• Net Revenue of $1,179 million, a 3% increase over first half 2009
• Operating Income of $155 million, a 10% decrease over first half 2009
• Adjusted EBITDA of $315 million, remaining flat as compared with first half 2009
• Cash generated by operations of $204 million, a 52% increase over first half 2009
• New Travelport e-Pricing R4 version rolled-out with faster search, lower fares, and larger result sets
• Travelport Universal Desktop delivered to leading client – commercial roll-out continues through second half 2010
• First half 2010 volumes up 88% for corporate booking tool, Travelport Traversa
Commenting on developments, Jeff Clarke, CEO and president of Travelport, said:
“Travelport’s first half performance was in line with management’s expectations. I’m particularly pleased with the Company’s strong cash flow growth during the period.
“During the quarter, our GDS business increased its year-on-year segment volumes by 5% due to the rebound in corporate travel and strong growth in the Asia Pacific region. We advanced a number of key product developments, including the roll-out of a new version of Travelport e-Pricing and Travelport Universal Desktop. We are also completing the migration of two major GDS contracts, with Thomas Cook, in the UK, and Carlson Wagonlit, in India, and we have further enhanced our geographic footprint through a strategic partnership with Sirena-Travel, Russia’s leading domestic GDS.
“GTA had a terrific quarter with 20% growth in room nights and 24% growth in Segment Adjusted EBITDA on a constant currency basis.”