Amadeus reports "encouraging" results

AMADEUS has reported encouraging third quarter results with its distribution business in Asia Pacific, Middle and Africa and Eastern Europe the key driver. The company increased its net income for the three months to September 30 by 16.9% to 49.5 million Euros on the same period last year with revenue up 5.6%. Overall bookings increased 2% to 108.7 million Euros with year to date bookings up more than 9% on last year. President and chief executive Jose Antonio Tazon said: “This is a good result when you consider that last year’s third quarter bookings were strong as the market rebounded from the crisis earlier in 2003. “The encouraging growth in our distribution business has been led by markets in regions such as Asia Pacific, Middle East and Africa and Eastern Europe.” He said Amadeus was well positioned in such markets, a claim backed up by 7.6% bookings growth outside of Europe and North America. The quarter also saw Qantas become the first airline to process its yield, pricing and inventory on the company’s Altea Plan IT solution business. Meanwhile e-commerce business grew 58.1%, with e-commerce revenues doubling. “This was largely due to the incorporation of revenue from Opodo, now fully consolidated into Amadeus’s results,” said Tazon. Year end net income is likely to hit 210 million Euros.