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[Travel News]: Sabre reports a net loss of $311 million for Q4

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The following is the [Travel News]: Sabre reports a net loss of $311 million for Q4 from [ChinaTravelNews] recommended by TheTourAttraction.com:

Operating loss was USD 988 million, versus operating income of USD 363 million in 2019.

Sabre consolidated fourth quarter revenue decreased 67% to USD 314 million, compared to USD 941million in the fourth quarter of 2019. The decline in revenue was driven by unprecedented reductions in global air, hotel and other travel bookings due to the COVID-19 pandemic.

Operating loss was USD 220 million, versus operating income of USD 58 million in the fourth quarter of 2019.

Net loss attributable to common stockholders totaled USD 311 million, versus net income of USD 10 million in the fourth quarter of 2019.

For the full year 2020, Sabre total consolidated revenue decreased 66% to USD 1.3 billion,

compared to USD 4.0 billion for the prior year.

Operating loss was USD 988 million, versus operating income of USD 363 million in 2019. 

Net loss attributable to common stockholders totaled USD 1,280 million, versus net income of USD 159 million in 2019.

“In light of the COVID-19 pandemic, 2020 presented the greatest challenges ever faced by the global travel industry, with global air and hotel bookings down more than we have seen in any prior year. As the impact of the COVID-19 virus spread, we took quick and decisive actions to improve our financial position. We reduced our go-forward annual costs by approximately USD 200 million, which represents significant savings against our 2019 cost base. We added liquidity, extended our debt maturities and ended the year with a cash balance of USD 1.5 billion,” said Sean Menke, President and CEO.

“Despite the challenges that 2020 presented, the year also included major advancements in our technology transformation and modernization, which is expected to reduce our operating costs by more than USD 100 million per year starting in 2024. We signed renewals with some of our largest customers, including important new distribution agreements, and won competitive reservations deals, new low-cost carriers and two new enterprise hotel customers. We believe that after the effects of the COVID-19 pandemic recede, we will be ready with a more profitable cost structure, strong customer engagement and innovations to advance the future of travel.” 

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