Chinese online travel and e-commerce services firm Ctrip.com International Ltd. announced its unaudited financial results for the first quarter ended March 31, 2010, and stated it had total revenues of CNY627 million, representing a 46% increase from the same period in 2009 and a 4% increase from the previous quarter.
Net revenues were CNY587 million, up 46% year-on-year. Excluding net revenues attributable to its Taiwan business ezTravel, Ctrip's net revenues were CNY557 million for the first quarter of 2010, up 39% year-on-year. Gross margin was 78% for the first quarter of 2010, remaining consistent with that in the same period in 2009. Income from operations was CNY196 million for the first quarter of 2010, up 45% year-on-year.
Hotel reservation revenues amounted to CNY252 million for the first quarter of 2010, representing a 36% increase year-on-year, and an 8% decrease quarter-on-quarter. Air ticket booking revenues for the first quarter of 2010 were CNY265 million, representing a 44% increase year-on-year, and a 12% increase quarter-on-quarter.
The effective tax rate for the first quarter of 2010 was 12%, decreasing from 18% in the same period of 2009 and 20% in the previous quarter, primarily due to certain tax benefit granted by the local tax bureau in the first quarter of 2010.
As of March 31, 2010, the balance of cash, restricted cash and short-term investment was CNY3.3 billion.
For the second quarter of 2010, the company expects to continue the net revenue growth year-on-year at a rate of approximately 30-35%.