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Adds details, CEO comment
MADRID, Nov 15 (Reuters) – Spain’s eDreams ODIGEO EDRE.MC said on Tuesday its net loss in the July-September period narrowed to 10.1 million euros ($10.45 million) as bookings rose 19% and it added subscribers.
The European largest on-line travel booking company said its main business grew significantly above the levels in 2019 before the COVID-19 pandemic wrecked the travel industry. Bookings during the first half of the company’s fiscal year that ends on March 31, were 48% higher than in 2019.
The adverse macroeconomic environment started weighing on travelers’ plans so that bookings in October and early November were only 45% higher than in 2019, the company said.
Its Chief Executive Dana Dunne is still optimistic about the future, though. “In times of economic crisis, conflicts or even natural disasters, the pleasure traveler always showed his wish to keep travelling. Now, it’s not different and we expect the surge to continue.”
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) in the second quarter rose 26% to 20 million euros.
As a result, the company reiterated its target to bring its EBIDTA to 180 million euros and get 7.25 million subscribers in 2025 up from 3.8 million in early November.
($1 = 0.9668 euros)
(Reporting by Inti Landauro, Editing by Louise Heavens)
((Inti.Landauro@thomsonreuters.com;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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