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Cendant suffer earnings tumble
Cendant Travel Distribution Services saw pre-tax earnings tumble into the red during the fourth quarter of 2005, with the acquisition of ebookers behind the fall.
The company reported a loss before interest, tax, depreciation and amortisation of $340 million, down from £112m in the fourth quarter of 2004.
Cendant said the result was down to a $434m pre-tax impairment charge, principally associated with its online consumer travel business, largely ebookers, as well as severance costs of $112m.
Revenue however increased 26% from $460m in 2004 to $580m.
Organically, its online travel businesses gross bookings climbed 16% and achieved higher EBITDA margins while revenue from GDS and supplier services declined 2%. Cendant said it followed a 6% increase in global GDS segment volume was offset by decreased subscriber fee income.
Cendant Travel Distribution Services includes ebookers, Orbitz, Gullivers, Galileo and OctopusTravel.
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