After 11 months of operation, Aden Enterprises subsidiary, Cheapfares.com has reported a profit of $40,000 (EUR44,431) for the calendar quarter ending March 31st, 2001. Cheapfares.com`s revenues are earned from commissions paid by travel providers and fees paid by customers.
Total gross bookings in the first three months of this year came in at $3.4 million (EUR3.77 million), which was significantly ahead of budgeted sales for that time period. Unique visitors to Cheapfares.com in this quarter exceed 1/2 million.
In mid February Cheapfares.com implemented a significant upgrade to its site resulting in Cheapfares.com`s customers now only seeing fares for available seats when they request fares on Cheapfares.com. This enhancement, among others, has resulted in Cheapfares.com`s conversion rate (the number of customers who actually book vs. customers who only look) growing by as much as 20%.
Mr Steve Robinson, Cheapfares.com president said that in the 2nd quarter of 2001 the company will be rolling out five new travel sites under the names of Booken.com, CheapDomesticFares.com, BookMeATicket.com, CheapExpeditions.com and CheapBudgetFares.com.”