Ctrip.com's (CTRP) unaudited financial results for the fourth quarter and full year ended December 31, 2005 show net revenues were CNY154.8 million in the fourth quarter of 2005, up 57% year-on-year.

For the full year ended December 31, 2005, net revenues were CNY521.2 million, representing a 56% increase from 2004.

"We are very pleased with our record results for the fourth quarter of 2005, achieving a 57% year-on-year net revenue growth. We saw healthy growth across all of our service sectors, reflecting the continued momentum of our business," said James Liang, Chairman.

Hotel reservation revenues totaled CNY103.9 million in the fourth quarter of 2005, representing a 33% increase from the same period in 2004 and an 8% increase from the third quarter of 2005.

The total number of hotel room nights booked was approximately 1.52 million for the fourth quarter of 2005, compared to approximately 1.19 room nights for the same period in 2004 and approximately 1.44 million room nights in the third quarter of 2005.

For the full year ended December 31, 2005, hotel reservation revenues were CNY362.9 million, a 31% increase from 2004. The hotel reservation revenues accounted for 65% of the total revenues in 2005, compared to 78% in 2004. The total number of hotel room nights booked was approximately 5.5 million in 2005, compared to approximately 4.2 million room nights booked in 2004.

Air ticket booking revenues for the fourth quarter of 2005 were CNY51.3 million, representing a 136% increase from the same period in 2004 and an 11% increase from the previous quarter of 2005.

The total number of air tickets sold in the fourth quarter of 2005 was approximately 1.17 million, compared to approximately 540,000 air tickets sold in the same period in 2004 and approximately 1.02 million air tickets sold in the third quarter of 2005.

For the full year ended December 31, 2005, air ticket booking revenues were CNY162.6 million, a 158% increase from 2004. The air ticket booking revenues accounted for 29% of the total revenues in 2005, compared to 18% in 2004. The total number of air tickets sold was approximately 3.7 million in 2005, compared to approximately 1.7 million air tickets sold in 2004.

Packaged tour revenues for the fourth quarter of 2005 were CNY7.0 million, up 106% from the same period in 2004 and up 7% from the previous quarter of 2005.

For the full year ended December 31, 2005, packaged tour revenues were CNY22.8 million, a 117% increase from 2004. Packaged tour revenues increased slightly to 4% of the total revenues in 2005.

Gross margin was 81% in the fourth quarter of 2005, compared to 84% for the same period in 2004 as a result of increased revenue contribution from the air ticketing business which generally contributes a lower margin compared to hotel reservation business.

Gross margin decreased from 83% in the third quarter of 2005, largely due to higher cost of services associated with year-end discretionary bonuses determined in the fourth quarter of 2005. For the full year, the gross margin also declined to 83% in 2005 from 85% in 2004 as a result of increased revenue contribution from the air ticketing business.

Operating expenses for the fourth quarter of 2005 were CNY64.3 million, an increase of 28% from the same period in 2004. The operating expenses increased by 19% from the previous quarter in 2005, partly due to the year-end discretionary bonuses determined in the fourth quarter of 2005.

The company's cash balance increased to CNY 741.7 million at the end of the fourth quarter of 2005 from CNY615.9 million at the end of fourth quarter of 2004. Cash represented more than 70% of the total assets as of 2005 year end.

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