Cendant Corp. posted net profit on Monday of $537 million in the fourth quarter despite weakness at its international travel services division.

Profit for the New York-based owner of online travel agency Orbitz, Avis car rental, Days Inn and the Century 21 real estate brand compared with net income of $357 million a year earlier.

Cendant reported earnings per share of 23 cents for the quarter, after adjustments for special items. That figure compared with 33 cents per share in the year-ago period.

Without special adjustments, Cendant reported a per share loss from continuing operations of 4 cents.

The company warned in December that challenges in its travel distribution unit would weigh on its quarterly earnings.

The company took a pretax impairment charge of $425 million linked to the performance of the company's online consumer travel business, mainly its Ebookers unit. Ebookers is Europe's No. 2 travel Web site that experienced a shortfall in bookings.

Cendant reported 7 percent increase in revenue for the fourth quarter to $4.3 billion.

Details: Travel Distribution Services Divison

Revenue increased primarily due to growth in online travel agency and other consumer travel businesses.

The acquisitions of Orbitz and Gullivers contributed to revenue and EBITDA, while the acquisition of ebookers contributed to revenue but reduced EBITDA by $10 million.

On an organic basis, Cendant's online travel businesses grew gross bookings by 16% and achieved higher EBITDA margins. Revenue from GDS and Supplier Services declined 2%, as a 6% increase in global GDS segment volume was offset by decreased subscriber fee income.

Despite increased revenue, EBITDA declined primarily due to a previously announced non-cash impairment charge of $425 million, pretax, ($256 million or $0.25 per share, after tax) principally associated with the Company's online consumer travel businesses, largely ebookers, as well as severance costs of $12 million.

In addition, EBITDA comparisons were negatively impacted by $10 million relating to previously disclosed benefit plan changes that reduced expenses in fourth quarter 2004.