Ctrip rides to 76% YOY increase in Q2 profit
Print Edition
Ctrip.com International posted a 76 percent jump in year-on-year net profit in the second quarter, thanks to booming online and wireless hotel reservations and air ticket orders, China’s biggest online travel service provider said yesterday.
The rapidly growing business included packaged tours, corporate travel management and orders from wireless apps, according to the Shanghai-based firm.
Net profit at Nasdaq-listed Ctrip was 210 million yuan (US$32 million) in the quarter ending in June, up 76 percent from a year ago. Revenue was 1.2 billion yuan in the period, a 28 percent YOY growth.
Gross margin came in at 75 percent in the second quarter, remaining consistent with that in the same period of 2012.
“Mobile Internet is changing the travel industry rapidly and our mobile strategy builds upon Ctrip’s one-stop travel platform that features comprehensive products, industry-leading service quality, and competitive prices,” James Liang, chairman and chief executive of Ctrip, said in a statement.
Transactions from Ctrip mobile channels tripled YOY in the second quarter and contributed to more than 20 percent of hotel reservations and approximately 15 percent of air ticket bookings. More than 50 million users have downloaded Ctrip mobile apps, which allow users to purchase air tickets and book hotel rooms directly on smartphones or iPads.
Young and well-educated Chinese consumers with a rising passion for leisure trips have boosted online travel market demand, according to travel deal publisher Travelzoo Inc.
“China has become the largest source of ‘tourism dollars’ in the (Asia Pacific) region,” said Jason Yap, Travelzoo’s chief executive for Asia Pacific.
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