Ctrip's net profit jumps over 6-fold in Q2
People walk by the logo of online travel firm Ctrip.Com International Ltd at its headquarters in Shanghai, China April 13, 2018.
Nasdaq-listed Ctrip posted a more than six-fold increase in net profit in the second quarter as the country's biggest online travel agency tapped the boom in international business travel and expanded into lower-tier cities in China.
Net earnings for Ctrip, which offers services from accommodation reservation, ticketing, packaged tours to corporate travel management, soared to 2.4 billion yuan (US$360 million), from 359 million yuan a year ago, the agency said.
Ctrip’s revenue jumped 13 percent from a year ago to 7.3 billion yuan.
"We have achieved a healthy revenue growth rate (with increased) scalability of our business model," Jane Sun, chief executive of Ctrip, said. "The international business will create enormous growth potential in the years to come.”
Ctrip expects revenue to grow 13 to 18 percent in the third quarter.
International business travel fueled the growth for Ctrip. Skyscanner, a global air ticket booking website that was acquired by Ctrip, saw revenue soar 600 percent year on year in the quarter. Excluding Skyscanner, international hotel and air business surged around 40 percent in the quarter.
