China's top online travel company Ctrip.com International Ltd. today announced its unaudited financial results for the second quarter ended June 30, 2010, and showed a year-on-year net income increase of 48%.
Net revenues were CNY695 million for the second quarter of 2010, up 46% year-on-year. Net income attributable to Ctrip's shareholders was CNY235 million in the second quarter of 2010, up 48% year-on-year.
For the second quarter of 2010, Ctrip reported total revenues of CNY742 million, representing a 46% increase from the same period in 2009 and an 18% increase from the previous quarter. Hotel reservation revenues amounted to CNY316 million for the second quarter of 2010, representing a 42% increase year-on-year, primarily driven by an increase of 34% in hotel reservation volume, and an increase of 5% commission per room night year-on-year. Hotel reservation revenues increased 26% quarter-on-quarter. Air ticket booking revenues for the second quarter of 2010 were CNY307 million, representing a 42% increase year-on-year, primarily driven by a 22% increase in air ticketing sales volume, and a 17% increase in commission per ticket year-on-year. Air ticket booking revenues increased 16% quarter-on-quarter.
Packaged-tour revenues for the second quarter of 2010 were CNY67 million, representing an 88% increase year-on-year, due to the increase of leisure travel volume, and a 7% decrease quarter-on-quarter, due to seasonality. Corporate travel revenues for the second quarter of 2010 were CNY34 million, representing an 83% increase year-on-year, and a 28% increase quarter-on-quarter, primarily driven by the increased corporate travel demand from business activities.
Income from operations for the second quarter of 2010 was CNY257 million, representing an increase of 57% from the same period in 2009 and an increase of 31% from the previous quarter. Operating margin was 37% in the second quarter of 2010, compared to 34% in the same period in 2009, and 33% in the previous quarter.
As of June 30, 2010, the balance of cash, restricted cash and short-term investment was CNY2.7 billion.
For the third quarter of 2010, Ctrip.com expects to continue the net revenue growth year-on-year at a rate of approximately 35-40%.
