Ctrip's revenue soars 42 percent to US$1.2b in Q3

Nasdaq-listed Ctrip posted an unexpected revenue growth of 42 percent in the third quarter year on year as China’s biggest online travel service provider benefited from booming accommodation and transport ticket services as well as its acquisition of Skyscanner.

Its revenue increased 42 percent annually to 7.9 billion yuan (US$1.2 billion) in July to September. Net profit in the quarter was 1.2 billion yuan, up from 24 million yuan a year ago during which it invested heavily to acquire air ticket search engine Skyscanner and completed the merger with another Chinese giant Qunar.

Shanghai-based Ctrip had expected third quarter revenue to grow 25 to 30 percent year on year.

In the quarter, accommodation reservation revenue jumped 36 percent year on year while transport ticketing revenue surged 41 percent, primarily driven by an increase in ticketing volume and the consolidation of Skyscanner's financial results. Other businesses, including packaged tours and corporate travel, also gained rapidly, said Ctrip.

The company expects revenue to jump 25-30 percent year on year in the fourth quarter.

Ctrip is also said to acquire trip.com, a travel recommendation startup, as it continues to expand overseas, according to media reports.