Ctrip profits from travel boom in Q1
Print Edition
CTRIP.COM International Ltd reversed its loss and posted a higher-than-expected revenue in the first quarter amid a travel boom fueled by China’s consumption upgrade and its own expansion into second and third-tier domestic cities, the country’s biggest online travel agency said yesterday.
Nasdaq-listed Ctrip posted first-quarter net profit of 82 million yuan, turning around a loss a year ago after merging with Qunar. Its revenue jumped 46 percent to 6.1 billion yuan (US$884 million), beating analysts’ expectations of US$864.8 million.
In the first quarter, Ctrip’s profit margin hit 80 percent, up from 73 percent a year earlier and 76 percent in the previous quarter.
The second and third-tier cities are seeing rising travel demand, with close to half of the customers of those cities keen to travel in 2017, said Ctrip.
“We’re excited about this trend and have made great strides in gaining more market share in China,” said James Liang, Ctrip’s co-founder and executive chairman.
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