Amadeus sees revenue fall in first quarter

Amadeus has seen revenue contract by 27 per cent during the first quarter of financial 2020, to €1,021 million.

Adjusted profit contracted by 58 per cent, to €141.8 million.

EBITDA at the tech giant, however, increased by 41.3 per cent, to €349 million.

Luis Maroto, chief executive of Amadeus, commented: “In the first quarter of the year, as the Covid-19 pandemic spread worldwide, the travel industry virtually came to a halt, impacting negatively our air bookings and passenger boarded.

“Consequently, our revenue, EBITDA and adjusted profit decreased considerably during the quarter.

“This interrupted the strong financial performance we had registered in the beginning of 2020, with positive growth across all of our businesses in January.

“We have taken a number of significant measures to strengthen our financial position and to support our business, including implementing an overall efficiency plan, cancelling complementary dividend payments and enhancing our liquidity position.”

He added: “Beyond these measures, we have actively been working with our customers to support them in these difficult times.”

Source : Breakingtravelnews