Ctrip.com (NASDAQ: CTRP) announced that at its annual shareholders meeting held in Shanghai today, the shareholders adopted a resolution to approve the company's proposed dividend distribution of 30% of its net income for 2004 to the shareholders of record as of December 31, 2004. This is based, though, on the company exceeding US$10 million net income for all of 2004.
This also refers to the net income as reported in the audited consolidated financial statements of the company for the year ended December 31, 2004.
This is the first time the company has declared a dividend since Ctrip became a public company in 2003. The company's board of directors has also approved such proposed dividend distribution.
In addition, the shareholders of the Company resolved to elect Mr. Suyang Zhang as the independent director of the Company.
Though its stock is steady, Ctrip is facing increasing marketplace pressures as key competitor eLong.com (NASDAQ: LONG) did its own IPO late last month. With the infusion of cash into eLong, 2005 is forecasting to be a year of acquisitions and growth for both travel companies.