eDreams Odigeo has reported losses in adjusted net income and EBITDA for its first financial quarter of 2021, ending June 30.
The Spain-based online travel agency saw net income come in at a loss of almost €24 million compared to the €9 million the company made in the corresponding period last year.
EBITDA was reported as a loss of almost €15 million, down from the €28 million profit in adjusted EBITDA year-over-year.
Despite the challenging environment, Dana Dunne, CEO of eDreams Odigeo, says he’s “pleased with the progress” the company has made in the quarter.
The company, whose brands include Opodo, Liligo and GoVoyages, says it has seen “consistent progress,” with July and August showing improvement on June.
eDreams Odigeo reported bookings down 57% for the first three week of August across its main markets versus the negative 96% it saw in April.
The company says it has sufficient funding to increase marketing spend to adapt to an increase in demand while its overall liquidity position stands at €167 million.
The OTA also sees itself as in a strong position to benefit from the anticipated shift to digital post COVID-19.
Membership of its Prime subscription service increased 289,000 year-on-year to a total of 564,000.
Mobile bookings for flights increased nine percentage points to 49% compared to Q1 2020.
eDreams reported its Q4 and full year results at the beginning of July with net income coming in at a loss of €70 million for the final quarter.
For full year 2020 ending March 31 the company reported a revenue margin of almost €529 million, while adjusted EBITDA was €115 million.