Ctrip sees revenue to soar 75-80% in Q1
Print Edition
CTRIP.COM Inc expects revenue to jump 75-80 percent year on year in the first quarter of 2016 as the Shanghai-based online tourism giant begins to reap its investment in Qunar.com and overseas tourism service providers.
In 2015, Ctrip’s net profit was 2.5 billion yuan (US$386 million), 10 times that of 2014, as it profited from its investment in Tujia and growing sales in accommodation and air tickets.
Ctrip’s revenue surged 48 percent year on year to 11.5 billion yuan in 2015.
“Online tourism is a long-term golden opportunity in China, and it has a great potential in the coming years,” James Liang, Ctrip’s chairman and chief executive, said in a statement yesterday.
China’s economic transformation, which focuses on consumption and increasing purchasing power, is expected to power the Chinese tourism market, according to industry insiders.
In a deal announced in October, Ctrip bought 45 percent of Baidu’s subsidiary Qunar and Baidu acquired a 25 percent stake in Ctrip.
Ctrip also reaped a return from its investment in Airbnb-like website Tujia.com in a transaction whose value was not disclosed.
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