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March 5, 2021

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Trip.com posts US$156m net profit in Q4

By Zhu Shenshen | 00:12 UTC+8 March 5, 2021 | Print Edition

Trip.com, formerly Ctrip, posted a net profit of 1 billion yuan (US$156 million) for last year’s fourth quarter, the second quarter of profitability since the coronavirus outbreak, China’s biggest travel agency said yesterday.

The domestic travel business had shown a “strong recovery momentum” and international tourism is expected to recover as more people are vaccinated and the weather gets warmer, the Nasdaq-listed company pointed out.

Trip’s fourth-quarter profit compared with 2 billion yuan a year ago. Revenue in the quarter was 5 billion yuan, a 40 percent decrease from the previous year ago, but narrowing from the decrease of 48 percent in the previous quarter, according to the Shanghai-based company.

“Year 2020 was a challenging year,” James Liang, executive chairman, said in a statement, “while at the same time, we remain ambitious with a global vision to drive our sustainable growth post pandemic.”

Investment bank Piper Jaffray has upgraded the company’s target price to US$47 from the previous target of US$40. This compares with its current stock price of US$39.8.

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