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Expedia to continue with investments
Expedia saw profits for 2007 rise by 21% to more than £2 billion.
Operating income before amortization was up by 12% to almost $670 million.
CEO and president Dara Khosrowshahi added: “While we’re pleased by our return to OIBA growth in 2007 and mindful of potential challenges from near-term economic conditions, we will continue to invest in further growth opportunities in 2008 and beyond to drive long-term shareholder value.”
Gross bookings for the year increased by 16% year-on-year although worldwide air revenues were down by two per cent, blamed on a 12% drop in revenue per ticket. This was partially offset by a 12% rise in the number of tickets sold.
Europe revenue increased by 34% last year over 2006 and there was a rise in European package bookings.
Worldwide merchant hotel revenue was up by 19% due to a 12% increase in room nights stayed.
Expedia chairman Barry Diller said: “We ended the year on higher ground with a stabilised supplier outlook, expanded global reach, established media businesses and sharpened marketing prowess.”
by Phil Davies
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