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September 2022, Virtual
September 29 2022, Virtual
Travel technology firm Travelport Limited today (March 18) announced an operating loss of $499m for 2009.
The company, which owns of Galileo and Worldspan global distribution systems, said the figure included a "one-time, non-cash impairment charge of $833m".
Revenue fell by 11% in 2009, from $2,57m in 2008 to $2,248m, according to the figures.
Pre-tax earnings fell by 12% from $716m to $632m.
Travelport said that without the one-off impairment charge, it generated an operating income of $334m, a 3% increase compared to 2008.
The results show a loss despite a better performance in the last three months of 2009 when operating income rose 44% from $48m to $69m.
During the last quarter of last year, Travelport said revenue rose by 2% from $524m to $533m but pre-tax earnings dropped by 7% from $149m to $138m.
Jeff Clarke, Travelport's president and ceo, described the year results as "solid".
He added: "During the downturn, we increased our investment in key innovative products, including the Universal Desktop, and in core search and infrastructure capabilities.
"We will continue to invest heavily in these strategic areas in 2010. We're pleased to have seen five consecutive months in travel transaction growth across our business from October 2009.
"Based on the market recovery and our scalable business model, we expect to grow revenues and profits for the full year 2010."
Philip Emery, the chief financial officer, said Travelport's cash situation positioned the company "very well for the expected recovery in travel in 2010."