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Travelport losses close to US$1 billion last year

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Travelport-logo-C41AD54122-seeklogo_com
Written by editor

Travelport Limited, the parent company of Galileo and Worldspan, has announced that for 2009, it experienced a loss of US$869 million.

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Travelport Limited, the parent company of Galileo and Worldspan, has announced that for 2009, it experienced a loss of US$869 million. According to the company, this huge loss is due to a single “impairment” in the amount of $US833 million.

The travel technology company, also a major stakeholder of online travel agency Orbitz, points out that in the last five months of the year, bookings improved when compared to a year earlier.

“Based on the market recovery and our scalable business model, we expect to grow revenues and profits for the full year 2010,” Jeff Clarke, Travelport CEO and president. We’re pleased to have seen five consecutive months in travel transaction growth across our business from October 2009.”

Net revenue for Travelport came in at US$2.2 billion, 11 percent down from the US2.5 billion achieved a year earlier.

This report comes after the company was forced to abandon its initial public offering on the London Stock Exchange after it felt it would “not be satisfied” with the market response.

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