The acquisition of Hoseasons has helped push up sales and profits at Wyndham Exchange and Rentals.
Figures for the second quarter ending June 30 released by ultimate parent company Wyndham Worldwide Corporation showed holiday rental revenues up six per cent year on year to $115 million.
“In constant currency, vacation rental revenues increased 12% from the second quarter of 2009, reflecting the contribution of incremental revenues from the recently acquired Hoseasons brand,” the company said.
Second quarter 2010 exchange and rentals earnings before interest, tax, depreciation and amortisation [EBITDA] was $78 million, compared with adjusted EBITDA of $58 million in the second quarter of 2009.
Excluding a favourable effect of foreign currency of $10 million, second quarter 2010 adjusted EBITDA increased by 17% due to the impact of the Hoseasons acquisition and continued cost management efforts, Wyndham reported.
Wyndham Worldwide saw overall revenues rise by 5% in the three months to $963 million.
Quarterly profit was up by 34% to $95 million compared to $71 million for the second quarter of 2009.
The increase primarily reflected the year-over-year improvement in the exchange and rentals business, a lower effective tax rate and the favourable net effect of foreign currency, according to the company.