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eLong.com Posts Gains; Shifts Chairman, CFO Positions
July 28, 2006 |
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Chinese online travel company eLong.com's (LONG) unaudited financial results for the second quarter ended June 30, 2006 show travel revenues increased 57% year-over-year and 26% sequentially to CNY65.0 million.
eLong also announced the election of Barney Harford as chairman of the board of directors and the appointment of Tony Shen as interim Chief Financial Officer. Derek Palaschuk, formerly the Sohu.com (SOHU) CFO, departs his eLong chief accounting position and Justin Tang, founder and former CEO of eLong.com, also leaves his chairman position.
Hotel commissions for the Chinese online travel company increased 49% year-over-year and 28% sequentially to CNY53.8 million. Air ticketing commissions increased 93% year-over-year and 20% sequentially to CNY9.6 million.
Air ticketing represented 15% of total travel revenues in the second quarter as compared to 12% in the same period one year ago.
The company recorded an operating loss of CNY509,00), which included non cash related stock-based compensation expense and amortization of CNY2.8 million, a decrease of 95% year-over-year and 97% sequentially to CNY509,000.
As of June 30, 2006, the company's cash and cash equivalents balance was US$136.1 million.
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