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Online travel agency group eDreams Odigeo swung to a loss as bookings suffered from the impact of the COVID-19 pandemic in the last part of the financial year, the Spanish online travel group said on Thursday.

The group reported a net loss of 40.5 million euros ($46 million) for the year to March 31 versus a 9.5 million euro profit a year earlier, as bookings dropped 53% in the final five weeks of the financial year when lockdown restrictions in European countries including Spain were at their height.

Adjusted core profit fell 4% to 115.1 million euros, short of the company’s forecast of 130 million while full-year bookings fell 4% versus guidance for a 1% increase and revenues dropped 1% to 529 million euros.

Since March, the company has seen a recovery in searches and bookings as economies progressively reopen.

But eDreams CFO David Elizaga Danna told Reuters the company would not give guidance for 2021 because of the level of uncertainty as the world tries to develop vaccines and treatments for the COVID-19 respiratory disease.

“It all depends on how the pandemic evolves but we have definitely seen that the leisure and travel (sector) is something our customers in Europe are very interested in,” he said.

After closing the year with liquidity of around 140 million euros, Elizaga said the company’s low fixed-cost base allowed it to adapt rapidly to sudden changes and meant it should avoid having to seek new financing as rivals, including U.S. Booking and Expedia, have done.

Shares in eDreams were down 0.6% at 2,33 euros at 1222 GMT, adding to losses of around 45% this year because of the COVID-19 crisis.

($1 = 0.8801 euros)

(Reporting by Jose Elías Rodríguez; editing by Edmund Blair, Jason Neely and Barbara Lewis)

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This article was written by Jose Elías Rodríguez from Reuters and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Photo Credit: Image of a French town. Frederic Jutant / EDreams Odigeo