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Spain’s Amadeus swings back to profit in third quarter -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Amadeus logo can be seen in Madrid (Spain), June 24, 2016. REUTERS/Andrea Comas

By Anita Kobylinska

(Reuters) – Amadeus, a Spanish travel agency group that specialises in booking travel services for Spain, announced Friday its return to profitability after more than a decade of quarterly losses. The company said flight bookings increased due to rising vaccination rates and easing travel restrictions.

In the third quarter, the company posted an adjusted net profit (net profit) of 23.8 millions euros, compared to a loss of 125 million in the previous year.

Amadeus posted a positive bottom line for the first times since 2020’s second quarter, which was when the COVID-19 pandemic hit airliners all over the globe.

However, the profit was less than what analysts polled at Refinitiv expected to be 38.8 millions euros.

According to Amadeus, the largest travel agency worldwide, it continues to witness an increase in travellers despite the fact that reservations through Amadeus’ distribution channels were still only 59% lower than 2019 levels.

($1 = 0.8655 euros)

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