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Foreign demand boosts Expedia profits

Foreign demand boosts Expedia profits

Online travel agent Expedia has seen third-quarter net income rise 18.6 per cent as hotel bookings rose.

The company earned $209.5 million for the three months to September 30th, or 75 cents per share.

The figure was an increase on the $176.6 million, or 62 cents per share, recorded during the same period last year.

Revenue rose 15.5 per cent to $1.14 billion, from $987.9 million a year ago.

Expedia said the number of hotel nights booked rose 16 per cent, while the average daily hotel rate rose 7 per cent.

Airfares rose 12 per cent, but that potential gain was mostly offset by a ten per cent drop in the number of tickets sold.

Revenue from domestic bookings rose four per cent, with international bookings up 21 percent mostly because of the effect of foreign exchange.