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Ctrip Reports Growth In China's Internet Travel Sector
February 28, 2008 |
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Chinese Internet travel company Ctrip.com (CTRP) is proving it is the master of China's online tourism space with record quarterly results announced for the end of 2007.
The company's unaudited financial results for the fourth quarter and full year ended December 31, 2007 show net revenues were CNY356 million, up 58% year-on-year, and net revenues were CNY1.2 billion for all of 2007, up 54% from 2006.
"In 2007, we further strengthened our market position, enhanced our customer service level, and achieved excellent financial results," said Min Fan, Chief Executive Officer of Ctrip. "We wanted to thank all of our employees for their hard work and dedication, and our customers for their continuing loyalty to Ctrip. In the new year, we will continue to strengthen our core competencies in technology, service, scale and branding, and increase our shareholders' value going forward."
Hotel reservation revenues amounted to CNY196 million for the fourth quarter of 2007, representing a 42% increase from the same period in 2006 and a 12% increase from the previous quarter, primarily due to increased hotel booking volume. For the full year ended December 31, 2007, hotel reservation revenues were CNY677 million, a 42% increase from 2006. The hotel reservation revenues accounted for 53% of the total revenues in 2007, compared to 57% in 2006.
Air ticket booking revenues for the fourth quarter of 2007 were CNY154 million, representing a 78% increase from the same period in 2006 and a 12% increase from the previous quarter, primarily due to increased air ticketing volume and commission. For the full year ended December 31, 2007, air ticket booking revenues were CNY503 million, a 72% increase from 2006. The air ticket booking revenues accounted for 39% of the total revenues in 2007, compared to 35% in 2006. Packaged-tour revenues for the fourth quarter of 2007 were CNY22 million (US$3 million), up 100% from the same period in 2006 and 6% from the previous quarter, primarily due to increased travel demand in the fourth quarter of 2007.
For the full year 2008, the company expects to continue the year-on-year net revenue growth at a rate of approximately 35%.
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