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Ctrip Travels Higher Road In China
November 8, 2007 |
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| Category: Industry News
Chinese Internet travel services provider Ctrip.com says its net revenues were RMB323 million in the third quarter, up 55% year-on-year, as it reported its unaudited financial results for the quarter ended September 30, 2007.
Min Fan, CEO of Ctrip, said: "We are very pleased with the strong results for the third quarter of 2007. Our team has executed our strategies effectively to expand into new geographic areas, to enhance customer service level and to strengthen our product lines. We are committed to bringing the best travel experience to our customers and increasing return to our shareholders."
Hotel reservation revenues totaled RMB176 million for the third quarter of 2007, representing a 40% increase from the same period in 2006 and a 2% increase from the previous quarter primarily due to increased volume in hotel bookings. The total number of hotel room nights booked was approximately 2.52 million in the third quarter of 2007, compared to approximately 1.82 million for the same period in 2006 and approximately 2.41 million room nights in the previous quarter.
Air ticket booking revenues for the third quarter of 2007 were RMB138 million, representing a 76% increase from the same period in 2006, and an 18% increase from the previous quarter, primarily due to strong growth of air tickets sales volume. The total number of air tickets sold in the third quarter of 2007 was approximately 2.91 million, compared to approximately 1.72 million for the same period in 2006 and approximately 2.55 million in the previous quarter.
Packaged-tour revenues for the third quarter of 2007 were RMB21 million, up 61% from the both the same period in 2006 and the previous quarter, primarily due to the increased leisure travel volume in the third quarter.
Income from operations for the third quarter of 2007 was RMB111 million. Operating margin was 34% in the third quarter of 2007. Excluding share- based compensation charges (non-GAAP), operating margin was 41% compared to 38% in the same period in 2006 and 41% in the previous quarter.
As of September 30, 2007, Ctrip's cash balance increased to RMB1.2 billion, compared to RMB978 million as of June 30, 2007. For the fourth quarter of 2007, Ctrip expects to continue strong year-on- year net revenue growth of approximately 35%.
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