Priceline Q4 Profit Up a Third
Priceline travel group reported fourth quarter net income up a third at USD$673.9 million, on higher agency revenue.
Priceline, which owns the Booking.com, Priceline and Kayak brands, saw group revenue increase 17.4 percent to $2.35 billion in the quarter to December 31, from $2 billion the previous year.
The group sold 129.7 million room nights in Q4, a 30.9 percent jump on the prior year.
For the full year 2016, Priceline net income dropped to $2.13 billion, 16.3 percent down on 2015’s $2.55 billion, as a non-cash charge of $941 million hit the bottom line.
“The Priceline Group finished 2016 with a strong 4th quarter, reporting accelerating growth in hotel room nights booked, with solid organic growth and attractive profit margins," Priceline chief executive Glenn Fogel said. "We also recorded accelerating growth in room nights booked for the full year 2016 over 2015.”