eDreams Odigeo reduces losses to 13.9 million in its first fiscal quarter
Break a new quarterly booking record
MADRID, Aug. 31 (EUROPA PRESS) –
The ‘online’ travel agency eDreams Odigeo recorded net losses of 13.9 million euros during the first quarter of its fiscal year, ended June 30, compared to the ‘red numbers’ of 23.9 million euros that It was recorded a year earlier, as reported by the company to the National Securities Market Commission (CNMV) on Wednesday.
The group posted an adjusted net loss of 11.5 million euros between April and June, down from the ‘red numbers’ of 15.5 million euros a year earlier.
eDreams Odigeo believes that Adjusted Net Income better reflects the actual ongoing operating performance of the business.
The online travel agency registered 4.4 million reservations in the first quarter of fiscal year 2023, the highest figure reached in a single quarter and which represents 50% more reservations than before the pandemic.
The company’s revenue exceeded pre-pandemic levels, despite the fact that travel options continue to be affected by the uncertainty derived from Covid-19.
The margin on cash income increased by 117% year-on-year, standing at 145.7 million euros, which is 11% more than in the same period of 2019.
The company has stressed that it has continued to improve its income statement, although it considers that the net profit is still conditioned by the type of trip that customers book, of a lower value, number of travelers and duration than before Covid-19.
In this sense, he has also highlighted the increase in variable costs, associated with the increase in reserves, as well as the increase in fixed costs due to the strategic increase in personnel of 50%.