Professional Documents
Culture Documents
Grow and Spread Your Wings': MUMBAI: Mumbai, The Financial Capital and Business Powerhouse of India, Is
Grow and Spread Your Wings': MUMBAI: Mumbai, The Financial Capital and Business Powerhouse of India, Is
Grow and Spread Your Wings': MUMBAI: Mumbai, The Financial Capital and Business Powerhouse of India, Is
village. Any enterprising businessman cannot turn a blind eye to this change.
Crawford Market The birthplace of Akbar Travels since 1978 and the
headquarters of the Akbar Network,this branch plays a pivotal role in the
company’s productivity.
C.S.T.Located opposite the most popular landmark, this branch provides its
services to South Mumbai.
Dadar This particular branch is located to serve the Central Zone of
Mumbai.
PUNE : The cultural capital of Maharashtra is spreading its wings into the
industrial sector and is now the Info Tech center of the western region.
Akbar Travels realized the strategic importance of this developing city and
opened branches here to serve the multinationals and the young population.
Today, Pune branch has become the hub for the hinterland of Maharashtra
regions.
HYDERABAD : The state capital of Andhra Pradesh is known for its rich
history and culture. People from far come here to explore and experience the
richness of the history and culture. Also, Hyderabad’s potentiality as a route
to the Gulf and the West is growing at a faster phase. Opening a branch here
was another successful venture for Akbar Travels to become the No.1 in
Andra Pradesh.
Akbar travels of India provide best travel packages in India for tourists. India has
many amazing tourist spots direct from Himalayas in the north to Kanya Kumari in
the south and Akbar tours and travels have all type of packages where you can
travel all the tourist destinations in India. India has interesting history and
comprises of many historical palaces, forts and monuments. When travelers visit
different states in India they come to know that there is a vast cultural diversity in
India. Every state starting from Jammu and Kashmir to Kerala has own customs,
food, clothing and languages. Akbar tours and travels help you to explore this
amazing land with all its uniqueness. Akbar travels of India guides you with
transportations and hotel facilities. Akbar travels of India will plan your trip to
India where you can visit and explore almost all the major tourist destinations
starting from Taj Mahal in Agra to the beautiful beaches in Goa.
Akbar travel online booking help you to book your travel packages seating at
anywhere in the world. Akbar travel online booking offer you many type of Akbar
tours and travels package ranging according to the days you spend in the tour and
places that you want to visit. Akbar travels of India also provide of range of hotels
where you can select from luxury hotels to affordable hotels. Car rentals or
transportation within the city is also given by Akbar travels of India. Akbar travel
online booking system keeps on updating with advance technology and
requirements of the travelers.
Akbar tours and travels is the largest travel agency in India. Akbar travel online
booking not only deals with plane tickets but also trains ticket booking within
India. Akbar travel online booking system is easy and saves lot of time and money.
Akbar tours and travels have 28 branches which offer tour packages. Akbar travels
of India makes your journey comfortable and you don’t have to worry for anything
when you are travelling on the guidance of Akbar travels. Success of Akbar tours
and travels is because of their services that they provide. Plan your trip with Akbar
tours and travels and explore India.
SERVICES
AIRPORT COUNTERS
SWAGAT SEWA
Passengers at the airports, many time require assistance, which are beyond the
capacity of the “May I Help You” counters located there.. For providing precisely
such assistance, Akbar Travels operates a 24-hour Airport Assistance Counter,
Swagat Sewa.
SWAGAT SEWA PROVIDES SERVICES LIKE:
1. Passenger Handling, which ensures smooth passage till the Security hold for
departing passengers and a lovely stay for the tourists who are visiting India.
2. Hotel Bookings and transportation are also done as per the needs and budget
of the passenger.
3. Car Rental Arrangement, which saves the passenger the hassle of searching
for a car to go to the hotel/home.
4. Wheel Chair is arranged for the differently abled and aged passengers.
5. We also provide assistance for the procurement of air tickets of any airlines.
6. Medical Assistance in form of arranging for ambulance, medical aide and
hospital admission is provided as and when needed.
7. Unaccompanied children, traveling alone will be looked after from the time
of departure of the flight till they are safely in care of their guardian.
In the arena of domestic & international passenger transport, Akbar Car Rentals is
a name to reckon with. We are the only private sector organization authorized by
the Airport Authority of India –Govt. of India to operate from international and
domestic airports at Mumbai, Chennai, Bangalore, Hyderabad, Ahmedabad and
Trivandrum. In Pune , we provide this service from the city itself.
Visa Services
Akbar Travels has been immensely popular in the counseling & assistance of visas
of all the countries and the magnitude of our achievements are well known across
India.
HOLIDAY SERVICES
A separate holiday division was started to cater for Leisure Group Travel,
Corporate Incentive Groups and Customized Family Tours, Domestic and
International tours.
Akbar Group has always believed in offering tours at attractive prices. Akbar
Holidays is a “Dream Come True” for the common man. Here, domestic and even
international holidays are offered at attractive prices that appeal to the middle-
income people.
Akbar Travels started organizing Haj tours and in due course of time earned name,
fame and goodwill not only from our travelers but also from national and other
airlines.
Instead of looking at the profits on such tours, Akbar Travels rewrote the rules of
the business by cutting prices to help the under privileged fulfill their life’s goal.
Akbar’s initiative and organizing capacity paved way for the recognition of the
Government of India.
Twenty years of experience in handling Haj traffic has made Akbar the No.1 in this
field.
Today,the company arranges Haj tour of 35 days for over 20,000 pilgrims.
Umra Package : Akbar Travels of India enjoys the permission from ministry of
external affairs Saudi Arabia to operate as umra tour operator in India. Akbar
Travels of India, predominantly organises Haj pilgrimage for the devoted at a
reasonable price. The company offer elaborate infrastructure, own accommodation,
hygienic food and comfortable travel arrangements, both at point of origin and in
Mecca, for approximately 600 to 1000 pilgrimage every year.
The Haj package is for 35 days, comprising : (16 days in Mecca, 5 days Fariz
Hajj Baitullah, 8 days Medina Munnawara and 1-2 days for travel/rest).
This is inclusive of the following :-
As per IATA records, Akbar Travels is recognized as the largest ticket issuer
in Asia and the number one generator of volume and revenue in the industry.
Today, Akbar Travels is the leading Travel Ticketing Agency in India, who
excels in providing quality service to customers across the country.
Over a decade ago, the organization, keeping in mind the customers, had
introduced the concept of the “most economical fares” where the customer
enjoyed the revenue benefits of the company. The overwhelming consumer
demand led to Akbar Travels becoming the biggest consolidator and
wholesaler in India and over a period of time, these fares became so popular
that they were fondly referred to as ‘Akbar Fares’.
Our dedicated and professional staff is well equipped to handle all types of
ticketing requirements of the customers.
The company owns a fleet of over 450 cars of models like Esteem,Ford
Ikon,Mercedes Benz Van,Skoda,Camry,Tata Indica,Honda
City,Toyota,Qualis Innova,Swift etc.
Being an all India permit holder and having a strong infrastructure within
India, Akbar provides transportation for any given destination across the
country, from major airports.
The mission and hard work in expansion of Car Rental Division rests with
Mr.Unni- VP of Akbar Group.
Our service is also patronized by various airlines for their crew, staff and
executives
Forex Service
As compared to any other travel agency, Akbar Travels offer the maximum
number of FOREX outlets through our 25 branches in India.Because we are
also a bulk dealer, we can offer our customers the most competitive
exchange rates.
Not all travel agencies are equipped with the infrastructure and professionals to
provide services right from helping you plan your travel till the time you board the
aircraft.
You need someone like Akbar Travels. Its 25 years of experience gives it the
Confidence to guide you through complex options with unbiased and expert advice
and solutions.
Akbar Travels, an expert who understand your needs and assists you to reach your
final destination with a smile.
With conviction as his constant companion, optimism, hard work and the will to
excel as his capital, Mr . K.V. Abdul Nazar started his enterprise, Akbar Travels,25
years ago, in the year 1978.
This small step, taken then has gained momentum and is racing towards the ever-
expanding horizon of excellence .Today, the company has become a leading IATA
agency in India and in process has earned a lot of goodwill from all the airlines,
Government departments, travel fraternity and above all, the “highly valued
customers”.
Akbar Travels offers a wide spectrum of travel related services and facilities,
across its 25 IATA branches, spread al over India and over 30 satellite offices.
The high caliber of professional recruited and trained helps the company enhance
its leadership position in a fiercely competitive travel industry.
Not resting on the glory and laurels of Akbar Travels alone, Mr. Nazar diversified
into other fields to form the Akbar Group consisting of Akbar Travels and Benzy.
‘Total Service’ is the motto, which drives Akbar Travels to offer and organize all
travel related services under one umbrella.
Awards are rewards for hard work. The Akbar Group always motivated its
people to perform better and set new records. The commitment led to No.1
position in productivity to all major airlines. A showcase of awards is the
natural outcome of a company who firmly believes in the fact
that ,'excellence is a direction not a destination'.
But, instead of sitting on its laurels, these awards are an impetus for the
employees to scale new heights.
TRAVEL TIPS
For starters, don't panic. Most luggage is only delayed, not lost permanently.
File a missing-luggage form--even if the airline agent insists that your bags
will turn up on the next flight. And take a copy of that with you.
Ask about the airline's immediate reimbursement policy.
Cash for major purchase immediately.
Daily stipend
The best way to lessen the chances your valuables will be lost is to carry
them with you.
Be sure to check in as early as possible to make sure both you and your
luggage make the flight. Try to schedule a reasonable amount of time--at
least 45 minutes--between connecting flights.
Consider buying additional insurance
Some items that should never be put in the bag you plan to check into the
cargo compartment of the aircraft:
Small valuables: cash, credit cards, jewelry, cameras.
Critical items: medicines, keys, Passport, tour vouchers, business papers.
Irreplaceable items:manuscripts, heirlooms.
IFragile items:eyeglasses, glass containers, liquids.
Remember that the only way to be sure your valuables are not damaged or
lost is to keep them with you.
If you are traveling on more than one airline, check with the airline for its
limits on the size, weight, or number of carry-on pieces. (There is no single
standard applicable.)
If you plan to go shopping at your destination and bring your purchases
aboard as carry-on, keep the limits in mind. Carry the receipts separately.
Don't put anything into a carry-on bag that could be considered a weapon
(e.g. scissors, penknife).
Ask the airlines about the limit for every segment of your international trip
before you leave home, especially if you have a stopover of a day or two or
if you are changing carriers.
The bags you check should be labeled - inside and out - with your name,
address and phone number.
HEALTH
BOARD OF DIRECTORS
Occupatio
Name and Address Other directorships
n
CHAIRMAN
1
Mr. John Noel Laxton Business (i) IPC International Power
.
5204 Marine Drive Executive Corporation, Canada
West Vancouver
V7W2PS (ii) Noel Developments
(Nominee of BCHIL- Limited, Canada
Southern)
CHIEF EXECUTIVE
2 Mr. Ali Mahmood Business (i) Southern Electric Limited
.
Bani Gala, P. O. NIH Executive
Islamabad
DIRECTORS
3
Mr. Stanley Alan Ridley Business (i) B.C. Hydro International
.
830 W. 64th Avenue, Executive Limited, Canada
Vancouver (ii) B.C. Hydro International
B. C. Canada Transpower Corporation
(Nominee of BCHIL- Cayman Islands
Southern) (iii) B.C. Hydro International
Power Development
Coporation, Canada
(iv) BCHIL Southern Company
Limited , Cayman Islands
(v) SEP Holdings Corporation,
Cayman Islands
4 Mr. Mohammad
Banker (i) Sui Northern Gas
. Munawar
Chariman NDFC Pipelines Limited
6th Floor (ii) Oil & Gas Development
Finance & Trade Centre Corporation
Karachi (iii) Regional Development
(Nominee of NDFC) Finance Corporation
Pakistan
(iv)
Telecommunication
Corporation
(v) The Hub Power Company
Limited
(vi) Pakistan Automobile
Corporation Limited
(vii) State Engineering
Corporation (Pvt.) Ltd
5
Mr. Khurshid Hadi Business (i) First Leasing Corporation
.
First Leasing
Executive Limited
Corporation
Limited (ii) THK Financial Services
Finance & Trade Centre (Pvt.) Limited
Shahra-e-Faisal,
(iii) MCR (Pvt.) Limited
Karachi
(Nominee of First Network Leasing
(iv)
Leasing Corporation
Corporation Limited) Limited
(v) Muhibah Aviation (Pvt.) Ltd
(vi) Newsline Publications (Pvt.)
Limited
(vii) Taurus Securities Limited
(viii
Scientific & Technological
)
Development Corporation of
Pakistan Limited
(ix) Southern Electric Limited
6
Mr. Mohammad Akram Business (i) Souhtern Electric Limited
.
Khan Executive
H. No. 7, St. No. 53
F-7/4, Islamabad
7
Mrs. Sughra Mahmood Business (i) Southern Travels (Pvt.) Ltd.
.
Bani Gala, P. O. NIH Executive (ii) Southern Electric Limited
Islamabad
8
Mr. Sultan Kurji Business (i) Bowness Bakery (Alberta)
.
Vancouver, Canada Inc., Canada
(Nominee of BCHIL- (ii) Tajico Vista Inc., Canada
Tajico Holdings Inc.,
Southern) (iii)
Canada
(iv) Millboro Enterprises Ltd.,
Canada
(v) Waterfront Hospitality,
Canada
(vi) Bustani Developers Ltd.,
Kenya
Details of dividend, right and bonus declared during the last five years:
Sr. Name of company Y E A R S
No. 1995 1994 1993 1992 1991
% % % % %
1. First Leasing Corporation Ltd
Incorporated on 31-01-1991 Cash - 20% 20% - -
Network Leasing
2.
Corporation Ltd
Incorporated on 19-08-1993 - N.A. N.A. N.A. N.A.
OVERDUE LOANS
The above companies have no overdues payable to any bank or
financial
institution.
CHIEF EXECUTIVE
COMPANY SECRETARY
Syed Akbar Kazim. Syed Akbar Kazim, possesses degrees in business
administration from Pakistan, and USA. He has had several years of
experience in corporate and project finance with Citibank before joining
the group as Director Finance. He is also the Company Secretary. He is
not being paid any remuneration by the Company for acting as Secretary
and no compensation is payable to the Secretary for the loss of his
office.
NUMBER OF DIRECTORS
QUALIFICATION OF DIRECTORS
Save as provided in Section 187 of the Companies Ordinance, 1984 no
person shall be appoint- ed as a Director unless he is a member of the
Company.
INTEREST OF DIRECTORS
The Directors may also be regarded as interested in the shares that may
be held by them or by the companies in which they are directors and
interested in the dividends to be declared on the shareholding of that
company.
The Directors performing whole time service to the Company may also
be deemed to be interested in the remuneration payable to them by the
company. The directors may also be regarded to be interested to the
extent of loans advanced to the company from time to time by them and
by the companies in which they are directors.
None of the Directors of the Company had or have any direct interest in
any
property acquired or now proposed to be acquired by the Company.
No benefit has been given to the officers of the company otherwise than
remuneration for ser- vices rendered as whole time executives of the
company.
ELECTION OF DIRECTORS
The present directors (except Mr. Mohammad Munawar of NDFC) of the
Company were re- elected with effect from 31 December 1995 for a
period of three years at the first Annual General Meeting.
VOTING RIGHTS
On a show of hand every member present in person shall have one vote
except for election of Directors in which case the provisions of Section
178 of the Companies Ordinance, 1984 shall apply. On a poll every
member present in person or by proxy shall have voting rights as laid
down in Section 160 of the Companies Ordinance, 1984.
BORROWING POWERS
The Board may exercise all the powers of the Company to borrow
money
and to mortgage or change its undertaking, property and assets (both
present and future), and to issue debentures, debenture stock, TFCs
and other securities whether outright or collateral security for any debt,
liability or obligation of the Company as provided for in the Article of
Association of the Company.
INTRODUCTION
Tourism is vital for many countries, such as Egypt, Greece, Lebanon, Spain
and Thailand, and many island nations, such as The Bahamas, Fiji, Maldives,
and the Seychelles, due to the large intake of money for businesses with
their goods and services and the opportunity for employment in the service
industries associated with tourism. These service industries include
transportation services, such as airlines, cruise ships and taxicabs,
hospitality services, such as accommodations, including hotels and resorts,
and entertainment venues, such as amusement parks, casinos, shopping
malls, music venues and theatres.
History
Wealthy people have always travelled to distant parts of the world, to see great
buildings, works of art, learn new languages, and experience new cultures and to
taste different cuisines. Long ago, at the time of the Roman Republic, places such
as Baiae were popular coastal resorts for the rich. The word tourism was used by
1811 and tourist by 1840.[23] In 1936, the League of Nations defined foreign tourist
as "someone traveling abroad for at least twenty-four hours". Its successor, the
United Nations, amended this definition in 1945, by including a maximum stay of
six months.
TYPES OF TOURISM
Leisure travel
Leisure travel was associated with the Industrial Revolution in the United
Kingdom – the first European country to promote leisure time to the increasing
industrial population. Initially, this applied to the owners of the machinery of
production, the economic oligarchy, the factory owners and the traders. These
comprised the new middle class. Cox & Kings was the first official travel company
to be formed in 1758.
Many leisure-oriented tourists travel to the tropics, both in the summer and winter.
Places of such nature often visited are: Bali in Indonesia, Brazil, Cuba, the
Dominican Republic, Malaysia, Mexico the various Polynesian tropical islands,
Queensland in Australia, Thailand, and Florida, Hawaii and Puerto Rico in the
United States.
Winter tourism
Major ski resorts are located mostly in the various European countries (e.g.
Andorra, Austria, Bulgaria, Czech Republic, France, Germany, Iceland, Italy,
Norway, Poland, Sweden, Slovenia, Spain, Switzerland), Canada, the United
States, New Zealand, Japan, South Korea, Chile, Argentina, Kenya and Tanzania.
Mass tourism
Mass tourism could only have developed with the improvements in technology,
allowing the transport of large numbers of people in a short space of time to places
of leisure interest, so that greater numbers of people could begin to enjoy the
benefits of leisure time.
In the United States, the first seaside resorts in the European style were at Atlantic
City, New Jersey and Long Island, New York.
Recent developments
There has been an upmarket trend in the tourism over the last few decades,
especially in Europe, where international travel for short breaks is common.
Tourists have high levels of disposable income, considerable leisure time, are well
educated, and have sophisticated tastes.There is now a demand for a better quality
products, which has resulted in a fragmenting of the mass market for beach
vacations; people want more specialised versions, quieter resorts, family-oriented
holidays or niche market-targeted destination hotels.
The developments in technology and transport infrastructure, such as jumbo jets,
low-cost airlines and more accessible airports have made many types of tourism
more affordable. WHO estimates that up to 500,000 people are on planes at any
time. There have also been changes in lifestyle, such as retiree-age people who
sustain year round tourism. This is facilitated by internet sales of tourism products.
Some sites have now started to offer dynamic packaging, in which an inclusive
price is quoted for a tailor-made package requested by the customer upon impulse.
There have been a few setbacks in tourism, such as the September 11 attacks and
terrorist threats to tourist destinations, such as in Bali and several European cities.
Also, on December 26, 2004, a tsunami, caused by the 2004 Indian Ocean
earthquake, hit the Asian countries on the Indian Ocean, including the Maldives.
Thousands of lives were lost and many tourists died. This, together with the vast
clean-up operation in place, has stopped or severely hampered tourism to the area.
The terms tourism and travel are sometimes used interchangeably. In this context,
travel has a similar definition to tourism, but implies a more purposeful journey.
The terms tourism and tourist are sometimes used pejoratively, to imply a shallow
interest in the cultures or locations visited by tourists
Tourism in India
According to World Travel and Tourism Council, India will be a tourism hotspot
from 2009–2018, having the highest 10-year growth potential. The Travel &
Tourism Competitiveness Report 2007 ranked tourism in India 6th in terms of price
competitiveness and 39th in terms of safety and security. Despite short- and
medium-term setbacks, such as shortage of hotel rooms, tourism revenues are
expected to surge by 42% from 2007 to 2017.[7]
India has a growing medical tourism sector. The 2010 Commonwealth Games in
Delhi are expected to significantly boost tourism in India.
Delhi
Delhi is the capital city of India. A fine blend of old and new, ancient and modern,
Delhi is a melting pot of cultures, religions. Delhi has been the capital of numerous
empires that ruled India, making it rich in history. The rulers left behind their
trademark architectural styles. Delhi currently has many renowned historic
monuments and landmarks such as the Tughlaqabad fort, Qutub Minar, Purana
Quila, Lodhi Gardens, Jama Masjid, Humayun's tomb, Red Fort, and Safdarjung's
Tomb. Modern monuments include Jantar Mantar, India Gate, Rashtrapati Bhavan,
Laxminarayan Temple, Lotus temple and Akshardham Temple.
New Delhi is famous for its British colonial architecture, wide roads, and tree-lined
boulevards. Delhi is home to numerous political landmarks, national museums,
Islamic shrines, Hindu temples, green parks, and trendy malls.
Goa
Goa is one of the most famous tourist destinations in India. A former colony of
Portugal, Goa is famous for its excellent beaches, Portuguese churches, Hindu
temples, and wildlife sanctuaries. The Basilica of Bom Jesus, Mangueshi Temple,
Dudhsagar Falls, and Shantadurga are famous attractions in Goa. Recently a Wax
Museum (Wax World) has also opened in Old Goa housing a number of wax
personalities of Indian history, culture and heritage.
The Goa Carnival is a world famous event, with colorful masks and floats, drums
and reverberating music, and dance performances. The celebrations run three days
culminating in a carnival parade on fat Tuesday
Kerala
Kerala is a state on the tropical Malabar Coast of southwestern India. Nicknamed
as one of the "10 paradises of the world" by National Geographic, Kerala is
famous especially for its ecotourism initiatives. Its unique culture and traditions,
coupled with its varied demography, has made it one of the most popular tourist
destinations in India. Growing at a rate of 13.31%, the tourism industry
significantly contributes to the state's economy.
Kerala is known for its tropical backwaters and pristine beaches such as Kovalam.
Maharashtra
Maharashtra is the second most visited state in India by foreign tourists, [11] with
more than 2 million foreign tourists arrivals annually. Maharashtra boasts of a
large number of popular and revered religious venues that are heavily frequented
by locals as well as out-of-state visitors.
Ajanta Caves, Ellora Caves and Victoria Terminus are the three UNESCO World
Heritage sites in Maharashtra and are highly responsible for the development of
Tourism in the state.
Mumbai is the most cosmopolitan city in India, and a great place to experience
modern India. Mumbai famous for Bollywood, the world's largest film industry. In
addition, Mumbai is famous for its clubs, shopping, and upscale gastronomy. The
city is known for its architecture, from the ancient Elephanta Caves, to the Islamic
Haji Ali Mosque, to the colonial architecture of Bombay High Court and Victoria
Terminus.
The state of Punjab is renowned for its cuisine, culture and history. Punjab has a
vast public transportation and communication network. Some of the main cities in
Punjab are Amritsar, Chandigarh, and Ludhiana. Punjab also has a rich religious
history incorporating Sikhism and Hinduism. Tourism in Punjab is principally
suited for the tourists interested in culture, ancient civilization, spirituality and
epic history. Some of the villages in Punjab are also a must see for the person who
wants to see the true Punjab, with their beautiful traditional Indian homes, farms
and temples, this is a must see for any visitor that goes to Punjab. India-Pakistan
border at Wagha is also a popular tourist attraction.
The Tourism Ministry has also played an important role in the development of the
industry, initiating advertising campaigns such as the 'Incredible India' campaign,
which promoted India’s culture and tourist attractions in a fresh and memorable
way. The campaign helped create a colorful image of India in the minds of
consumers all over the world, and has directly led to an increase in the interest
among tourists.
The tourism industry has helped growth in other sectors as diverse as horticulture,
handicrafts, agriculture, construction and even poultry.
Both directly and indirectly, increased tourism in India has created jobs in a variety
of related sectors. The numbers tell the story: almost 20 million people are now
working in the India’s tourism industry.
A new growth sector is medical tourism. It is currently growing at around 30% per
annum. Medical tourist arrivals are expected to reach one million soon.
The tourism industry of India is based on certain core nationalistic ideals and
standards which are: Swaagat or welcome, Sahyog or cooperation, Soochanaa or
information, Sanrachanaa or infrastructure, Suvidha or facilitation, Safaai or
cleanliness and Surakshaa or security.
The following table provides the major tourist attractions in India by state:
1) COSMOS AGENCIES
9) GREEN INTERNATIONAL
10) LINK WAY TOURIST CO.
OBJECTIVE
PRIMARY
SECONDARY
PROFIT
Online-travel company Orbitz Worldwide Inc. said Thursday it turned a profit in the third
quarter, after charges hurt results a year earlier.
CHICAGO —
Online-travel company Orbitz Worldwide Inc. said Thursday it turned a profit in the third
quarter, after charges hurt results a year earlier.
Separately, the company said it received equity investments totaling $100 million from PAR
Investment Partners and Blackstone-controlled Travelport.
Orbitz said it earned $7 million, or 8 cents per share. That fell shy of the profit of 12 cents per
share that analysts on average expected, according to a survey by Thomson Reuters. A year ago,
Orbitz reported a loss of $287 million, or $3.44 per share, weighed down by a $297 million
impairment charge on intangible assets.
Revenue fell 22 percent, to $187 million, while analysts expected $202 million.
Orbitz blamed the revenue drop on the removal of its air-booking fees and a reduction in hotel-
booking fees.
Revenue from air and non-air bookings declined, though the company said the total number of
air bookings rose 27 percent.
Orbitz fell 50 cents, or 9.2 percent, to $4.91 in morning trading. The shares are up 39 percent for
the year.