Travelport has announced its financial results for the third quarter ended 30th September 2011, with net revenue up 4% on 3Q10 and volume up 3%.
Financial Summary for Third Quarter 2011: ($ in millions)
- Net Revenue – Q3 2011: $509 (2010: $488)
- Operating Income – Q3 2011: $51 (2010: $75)
- Adjusted EBITDA – Q3 2011: $118 (2010: $135)
Financial Summary for YTD 2011: ($ in millions)
- Net Revenue – YTD 2011: $1,570 (2010: $1,544)
- Operating Income – YTD 2011: $196 (2010: $229)
- Adjusted EBITDA – YTD 2011: $401 (2010: $430)
- Net cash provided by operating activities of continuing operations – YTD 2011: $86 (2010: $103)
Operational highlights included the introduction of new products Travelport Smartpoint App and Travelport Rooms and More, while since the quarter Travelport has signed a joint development agreement with TravelSky and Travelport Universal Desktop has secured its first customers in Asia and the USA.
Gordon Wilson, President and Chief Executive, said: “We continue to gain momentum on our commercial objectives of enhanced travel content aggregation, the deployment of new point of sale technologies for travel agencies and travel product suppliers, and expanding our geographic and customer segment footprints. I am pleased to report solid results for the quarter, with revenue up 4%, volume up 3% and Adjusted EBITDA in line with management expectations despite the uncertain economic climate in many key geographies.”