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Ctrip reports better-than-expected revenue growth in Q2

Xinhua Financein CFBOND
2018-09-10 09:35

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The NASDAQ-listed Ctrip Corporation, China's leading online travel agency, released its audited financial report for the second quarter of 2018 Thursday, revealing a double-digit growth both in its revenue and profit, the China Securities Journal reported.

During the second quarter of this year, the company generated a total of 7.3 billion yuan (USD 1.07 billion) in net revenue, which meant a year-on-year increase of 13 percent and beat the average expectation of USD 1.06 billion by 11 analysts from Wall Street.

Its net profit also grew by 24 percent from a year earlier to 1.1 billion yuan (USD 161 million), with a basic earnings per share of USD 0.29 which was USD 0.09 higher than the average expectation of 18 analysts from the Wall Street.

From the perspective of Sun Jie, Ctrip's CEO, the company has achieved a healthy revenue growth rate during the second quarter. "Ctrip is on the right path for a long-term revenue growth," said Sun.

When it comes down to the performance of Ctrip's major businesses, the company's hotel booking service, vacation travel service and business trip service brought in 2.8 billion yuan (USD 409.4 million), 839 million yuan (USD 122.7 million) and 255 million yuan (USD 37.3 million) in revenue, meaning a year-on-year growth of 21 percent, 31 percent and 28 percent respectively.

However, Ctrip's plane and train ticket booking service, which usually contributes up to 40 percent of the company's total revenue, rose only by 1 percent to 3 billion yuan (USD 438.6 million) during the reporting period.

Since taking over the British travel search site Skyscanner in 2016 and the U.S. travel booking platform Trip.com a year later, the company has been ramping up its effort to explore overseas markets in recent years.

The company's financial report presented a 40 percent growth in the revenue from its international travel and hotel booking service during the second quarter without disclosing the specific figure.

According to Liang Jianzhang, Ctrip's chairman, the company aims to raise the proportion of the revenue from its international business in its overall revenue to 50 percent in five years.
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