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Ctrip back to black in Q2
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NASDAQ-LISTED Ctrip returned to black in the second quarter amid booming transport ticket orders and accommodation reservations, China’s biggest online travel service platform said yesterday.
Shanghai-based Ctrip benefits from China’s consumption upgrade because people spend more on traveling, education, healthcare and entertainment.
In the second quarter, Ctrip’s net profit was 327 million yuan (US$48 million), reversing its loss of 521 million yuan a year ago. Its revenue totaled 6.4 billion yuan, up 45 percent year on year
“Ctrip has made good progress in expanding into lower-tier cities and increasing its presence in international markets,” James Liang, Ctrip’s executive chairman, said in a statement.
The transport ticket business contributed 3 billion yuan of revenue in the second quarter, a 49 percent expansion year on year, with international air tickets growing rapidly because passengers in overseas markets use Ctrip and Skyscanner, a company Ctrip acquired in 2016.
The accommodation business grew 30 percent year on year and contributed 2.3 billion yuan income to Ctrip.
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