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