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Chinese Travel Website Lost RMB60 Million Over Past Two Years
March 20, 2007 |
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Although it has been in operation for less than two years, Aoyou.com, a joint venture between China Youth Travel and Travelport, has suffered a loss of RMB60 million.
In April, 2006, CYT transferred 20% of its stake in Aoyou.com to Travelport, a subsidiary of Cendant Corporation, and from then on, Aoyou.com has been controlled by Travelport in name only, with CYS making all the decisions. A representative from CYT has disclosed that there are big disputes between Travelport and CYT regarding the management of Aoyou.com, which has served as one of the reasons for the company's continual loss.
CYT's 2006 annual report shows that the company made a total profit of RMB116 million and net profit of RMB91 million in 2006, while Aoyou.com suffered losses of RMB28.36 million in 2006 and about RMB31.72 million in 2005.
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