Sabre Holdings Corporation has reported US$700 million in revenues, up 20 percent year over year, during the first quarter of this year.

For the first quarter, net earnings on an adjusted basis were $32 million, compared to $49 million in the first quarter of 2005.

Sabre stated the year over year comparisons include the impact from several factors including a prior year asset sale, seasonality in Travelocity’s lastminute.com business, and interest expense and amortisation related to the acquisition of lastminute.com.

“We had a strong start to the year with first quarter earnings at the high end of our projections,” said Sam Gilliland, chairman and chief executive officer, Sabre Holdings. “Across our portfolio, we have made significant progress toward this year’s operational objectives, including deepening our relationships with major airlines, hoteliers and marketing partners. We are optimistic about our growth prospects this year and beyond.”

For Travelocity, the company shared global gross travel booked was $2.5 billion, an increase of 59 percent yearoveryear. And the total global revenue for the quarter was $234 million, year over year growth of 59 percent.

Other Travelocity global metrics for the first quarter: Total air transaction revenue grew 24 percent; Total non-air transaction revenue grew 90 percent; Total packaging revenue grew 38 percent; Packaging revenue as a percent of total transaction revenue was 23 percent; Hotel room nights sold across the Travelocity network were 3.2 million, growth of 54 percent year over year.

First quarter revenue from the Sabre Travel Network business was $449 million, an increase of seven percent from $420 million in the year ago quarter. Global transactions in the quarter were 94 million, growth of two percent year over year.

First quarter revenue from Sabre Airline Solutions was $65 million, an increase of three percent from $63 million in the year ago quarter.

For the second quarter of 2006, the company projects revenue to be in the range of $710 million to $740 million. For the full year, Sabre predicted its revenue is likely to grow 15 percent.