Ctrip profits from divestment and soaring revenue
Print Edition
CTRIP.COM posted a 2.4 billion yuan (US$376 million) net profit in the third quarter, more than 10 times compared with a year ago, as it benefited from an investment return and soaring revenue, China’s biggest tourism website said yesterday.
The country’s economic transformation that focuses more on consumption and people’s rising purchasing power is expected to continue fueling Ctrip’s business, James Liang, Ctrip’s chairman and chief executive, said during a telephone conference.
In the July-September period, Ctrip’s net profit of 2.4 billion yuan included a 2 billion yuan profit from the Tujia.com divestment. Its profit was 217 million yuan a year ago.
Ctrip generated a revenue of 3.2 billion yuan, up 49 percent from a year earlier.
Accommodation and air tickets are still a major income contributor for Ctrip.
Nasdaq-listed Ctrip will seek investment opportunities in startup firms like Tujia.com, a Chinese version of Airbnb, to establish an ecosystem for tourists, Liang said.
In October, Ctrip announced a tie-up with rival Qunar and its backer Baidu Inc via a share swap. Ctrip will own around 45 percent of Qunar, and Baidu will own 25 percent of Ctrip.
“We are also very excited about the transaction between Baidu and Ctrip. Ctrip and Qunar are committed to building a healthier ecosystem in China’s travel industry together,” Liang said.
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