expedia reveals £13.4 million net profit

ON-LINE agency Expedia has reported a net profit of £13.4 million for the quarter ending December 31, 2001, up from a loss of £2.1 million in the same period last year.

Total bookings reached £499 million for the quarter, up 48% on last year, while the company’s total revenues for the period were £58.1 million, a rise of 84% compared to last year.

Expedia senior vice president and chief financial officer Gregory Stanger said: “We accomplished these record results in spite of the travel slowdown caused by the economy and events of September 11. Our results indicate that we have put together a robust business model and a strong consumer brand that enables us to weather business cycles.”