Amadeus profit rises as travel industry continues recovery | Tech US News

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MADRID, Nov 4 (Reuters) – Spanish travel booking group Amadeus ( AMA.MC ) posted a ninefold jump in third-quarter adjusted profit to 220 million euros ($215 million) on Friday as the travel industry has recovered from two years of COVID-19. related restrictions.

The sector’s recovery from the pandemic accelerated and international tourism took off strongly in 2022 after the Omicron variant of the virus caused a temporary slowdown in the industry’s return to normal late last year.

“Our strong operating performance, solid commercial activity and continued recovery in travel volumes give us confidence for the future,” CEO Luis Maroto said in a statement.

Amadeus said it processed 99.8 million bookings in the quarter, which is 72% of levels in the same period before the 2019 pandemic.

The group added that it would resume payments to shareholders in 2023.

While third-quarter adjusted profit posted a nine-fold year-on-year increase, it was still 32% below the same period in 2019, Amadeus said.

The company, which operates the world’s largest travel booking system, said overall revenue in the quarter rose 65% to 1.22 billion euros, slightly above the 1.2 billion euros expected by the consensus of analysts polled by the company.

($1 = 1.0229 euros)

Reporting by Jakub Olesiuk and Diana Mandia Editing by Inti Landauro and David Goodman

Our Standards: The Thomson Reuters Trust Principles.

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