Travelport runs into red in first quarter
Galileo parent Travelport suffered a first quarter net loss of $39 million against a profit of $47 million in the equivalent three months in 2006.
The company expects cost cutting will result in $113 million-worth of savings on an annualised basis.
Net revenue was up year-on-year by $33 million to $668 million in the three months to March 31.
The group is now operating as three global businesses – Galileo, Orbitz Worldwide and GTA.
Net revenue at Galileo was up by 3% to $414 million but there was a 12% decline in EBITDA to $117 million
Orbitz saw net revenue rise by 12% to $207 million, giving EBITA of $17 million.
GTA net revenue rose by 4% to $64 million to break even from a loss of $8 million in the first quarter of last year.
CEO and president Jeff Clarke said he believed the group was “seeing benefits” of its realignment into three units through its operating performance.
by Phil Davies
Phil Davies
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