Monday 21 October 2019

Mixed results for travel giants TripAdvisor and Lonely Planet

Irish profits have risen 8.5pc at travel platform TripAdvisor
Irish profits have risen 8.5pc at travel platform TripAdvisor

Gordon Deegan

Profits at the Irish arm of the world's largest online travel platform, TripAdvisor, last year increased by 8.5pc to €533,069.

According to new accounts, accumulated profits at TripAdvisor Ireland Ltd last year increased to €1.62m from €1.09m.

The profits of €533,069 follow profits of €491,297 in 2017.

Numbers employed by the firm increased to 72 from 65.

The cash pile at the company last year increased to €2.83m from €1.8m.

Shareholder funds at the company went up to €3.97m from €3.12m. 

The firm's office lease costs here last year increased to €559,960 from €412,022, while non-cash depreciation costs totalled €213,723.

Separate accounts for the Dublin-based Lonely Planet Global Ltd show that operating profits declined by 24pc to €958,000 last year.

This followed revenues at the firm declining by 3.5pc to €36m from €37.4m.

Former editor of the 'Sunday Tribune' Nóirín Hegarty is a director of the company, and Ms Hegarty has the role of vice-president of digital content at Lonely Planet.

The accounts show that a tripling in interest costs to €1.77m last year resulted in the firm recording a pre-tax loss of €821,000.

The interest costs included €1.4m in foreign exchange losses. In 2016, the Dublin-based firm assumed the role of master publisher for Lonely Planet in the 'rest of the world' market. The firm paid a dividend of €2.83m last year. Staff numbers increased from 17 to 23, and staff costs increased to €1.19m.

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