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Priceline Profits from Hotel and Car RentalsMay 6, 2011 By: George Dooley Travel Agent
|Priceline.com saw a profitable first quarter in 2011. // (c) Priceline.com 2011|
Priceline.com Incorporated reported first quarter 2011 financial results for the Priceline Group of Companies, including first quarter gross travel bookings for the group of $4.7 billion, an increase of 57.3 percent over a year ago. Group revenues in the first quarter hit $809.3 million, a 38.5 percent increase over a year ago. The group's international operations contributed revenues in the first quarter of $389.1 million, an 80 percent increase. The group’s gross profit for the first quarter was $505.8 million, a 58.5 percent increase from the prior year.
"In the first quarter, the group benefitted from strong growth in our global hotel business, particularly at Booking.com and Agoda," said Jeffery H. Boyd, Priceline president and CEO. "Room nights booked grew by 55.8 percent and our international gross bookings grew by 79 percent compared to prior year first quarter. The group's hotel business continues to benefit from improving ADRs, a continuing shift from offline to online bookings, increased penetration of core European and North American markets and outstanding growth in new markets throughout the Asia-Pacific region and South America."
Boyd continued, "The group's global rental car operations grew rental car days booked by 64.7 percent in the first quarter 2011 as compared to the prior year. A significant portion of this growth can be attributed to the group's acquisition of TravelJigsaw and its international car hire operations, which continues to grow at impressive rates. Priceline.com's airline ticketing business returned to positive growth in the first quarter, with a 2.1 percent gain in ticket sales and improving growth in opaque ticket sales."
Looking forward, Boyd said, "Globally, we intend to retain our focus on extending our reach in established and new geographic markets and providing an outstanding consumer experience to build the strength of our brands."
The Priceline Group of Companies is composed of four primary brands: Booking.com, Priceline.com, Agoda.com and TravelJigsaw and several ancillary brands. The Priceline Group provides online travel services in Europe, North America, South America, the Asia-Pacific region, the Middle East and Africa.