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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Spain’s Amadeus outperforms as Asia-Pacific flight travel recovers.

The logo of Amadeus can be seen in Madrid, Spain, June 24, 2016. REUTERS/Andrea Comas/File Photo The logo of Amadeus can be seen in Madrid, Spain, June 24, 2016. REUTERS/Andrea Comas/File Photo
The logo of Amadeus can be seen in Madrid, Spain, June 24, 2016. REUTERS/Andrea Comas/File Photo The logo of Amadeus can be seen in Madrid, Spain, June 24, 2016. REUTERS/Andrea Comas/File Photo

On Tuesday, Spanish travel booking giant Amadeus (AMA.MC) reported a near 200% increase in first-quarter adjusted net profit, above analysts’ projections.

The three-month adjusted net profit was 273.1 million euros ($300.6 million), up from 95 million a year earlier and 334.7 million in the first quarter of 2019.

Refinitiv analysts predicted a 241.2 million euro adjusted net profit.

After China reopened in January after almost three years of COVID-19 restrictions, the travel sector is on pace to recover from higher interest rates.

“Asia-Pacific traffic recovered particularly well, with Amadeus’ bookings growing above 150% and passengers boarded above 120% in the first quarter compared to the same period last year,” stated CEO Luis Maroto.

Western Europe had the second-highest airline booking growth behind Asia-Pacific, at 44%.

Air travel dominates Amadeus.

The business maintained its February projection of 20% to 22.5% sales growth for 2023.

The group’s shares rose 0.8% at 0805 GMT.

The business expects bookings to improve this month as travel levels rebound.

“We believe that the figures are on a positive recovery path that will take them back to pre-pandemic levels by the end of 2023 or early 2024,” Bankinter analysts said.


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