Priceline profits soar as travel recovers

A strong rise in international business helped push gross profit up at US online travel giant Priceline.com to $1.9 billion in 2010.


International operations contributed to full-year gross profit of $1.4 billion, a 69.7% increase year on year. The group’s 2010 operating profit came in at $786.8 million, up 67.1% on the previous 12 months. 


Total revenues hit $3.08 billion, a 31.9% increase over 2009. International operations contributed $1.4 billion, a 69.5% increase. The company is targeting a year-over-year increase in international gross travel bookings of 64%-69% in the first quarter of 2011.


Priceline president and chief executive Jeffery Boyd said: “The group’s worldwide hotel business performed well for the fourth quarter and full year 2010.


“High gross travel bookings growth rates were the result of continued penetration of new markets, like Asia-Pacific and South America, where economic growth and rapid online adoption are tailwinds for the business, and solid growth in core markets in Western Europe and North America. 


“The group’s air and rental car businesses also performed well under challenging market conditions and TravelJigsaw has made good progress with platform and website enhancements to grow our international rental car business.


“Going forward, Booking.com, priceline.com, Agoda.com and TravelJigsaw intend to continue building their brands, extending the reach of the group’s global hotel network and working together to achieve benefits of integration where appropriate.”


 

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