Trip.com posts US$156m net profit in Q4
Print Edition
Trip.com, formerly Ctrip, posted a net profit of 1 billion yuan (US$156 million) for last year鈥檚 fourth quarter, the second quarter of profitability since the coronavirus outbreak, China鈥檚 biggest travel agency said yesterday.
The domestic travel business had shown a 鈥渟trong recovery momentum鈥 and international tourism is expected to recover as more people are vaccinated and the weather gets warmer, the Nasdaq-listed company pointed out.
Trip鈥檚 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.
鈥淵ear 2020 was a challenging year,鈥 James Liang, executive chairman, said in a statement, 鈥渨hile at the same time, we remain ambitious with a global vision to drive our sustainable growth post pandemic.鈥
Investment bank Piper Jaffray has upgraded the company鈥檚 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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