Travelport saw 2010 profits decline by 3% ahead of the announcemet that it had sold ground content wholesaler GTA to Kuoni for $720 million .
Profits down at Travelport 2010 figures reveal
Travelport saw 2010 profits decline by 3% ahead of the announcemet that it had sold ground content wholesaler GTA to Kuoni for $720 million .
The Galileo and Worldspan parent’s adjusted EBITDA (profit before tax and other costs) came in at $629 million against $632 million in 2009 on a 2% rise in net revenue to $2.29 billion.
Adjusted EBITDA for the group’s GDS business was 7% lower than 2009 at $587 million while total transaction value for GTA rose by 18% in 2010 to $1.8 billion, mainly down to a 19% growth in the number of room nights.
President and chief executive Jeff Clarke said: “2010 was a year of investment in new technologies and emerging markets for Travelport.
“We have a solid pipeline of customers for Travelport Universal Desktop and are already seeing the benefits from our industry leading Travelport Universal API product set.
“The strong cash flow performance of the company supports continued investment while also allowing us to opportunistically improve our capital structure.”
Travelport said the sale of GTA would help it pay down some of the company’s debts
