Ctrip鈥檚 Q1 profit comes in better than expected
Print Edition
NASDAQ-LISTED Ctrip’s net profit came in better than expected in the first quarter as investment generated good returns and outbound tourism demand boomed, China’s biggest online tourism service firm said yesterday.
The Shanghai-based firm's net profit rose to 1.1 billion yuan (US$170 million) in the first quarter from 52 million yuan a year ago
Its operating profit, adjusted for non-recurring costs and stock options, grew eight percent from a year ago to 966 million yuan in the quarter. Its earnings per share rose to 29 US cents, beating analysts’ forecast of 15 US cents per share.
Ctrip's revenue surged 11 percent from a year ago to 6.7 billion yuan in the quarter.
Revenue from international air tickets took up 40 percent of Ctrip’s total air ticket income — one of the major engines for the company.
In 2017, Chinese made over 130 million international trips and spent US$115.3 billion. Within the next five years, they are set make 700 million international trips according to industry insiders.
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