The boss of Priceline, Jeffrey Boyd, has described Asia Pacific as a 'very very competitive market' for online travel agents. 

Boyd (right) told analysts that "the absolute economics in terms of the pricing of hotels and the competition makes it potentially more expensive" than other key global markets.

But the pay off is that Asia Pacific markets are growing fast, more than compensating for the high costs borne by its two major regional brands – Agoda and Booking.com.

"Agoda delivered good room night growth in the March quarter, and is building a leadership position in many of its Asia Pacific markets, particularly for Asia Pacific bookers. With Agoda and Booking.com whose APAC business does particularly well within international bookers, we believe the group has build a valuable franchise in this part of the world with attractive prospects as the region grows."

He said: "The Priceline Group reported consolidated gross bookings for the first quarter of approximately $9.2 billion, up 36% year-over-year. Non-GAAP net income was $297 million or $5.76 per share, up 35% versus prior year. First quarter results surpassed FactSet consensus estimates of $5.27 per share and our guidance for the quarter.

"Worldwide hotel room night reservations were $63.2 million for the quarter, up 38% year-over-year.

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