Chad Catacchio is a contributor writing on a variety of topics in tech. He has held management positions at a number of tech companies in th Chad Catacchio is a contributor writing on a variety of topics in tech. He has held management positions at a number of tech companies in the US and China. Check out his personal blog to connect with him or follow him on Twitter (if you dare).
China travel site Ctrip has released its second quarter results, with total revenue of $109 million, a 46% year-on-year increase, and an 18% increase from the first quarter of this year. Net revenue was $103 million, and gross margin was 78%. Ctrip is listed on the NASDAQ and had a stock price of $42.52 per share, as of yesterday.
Revenue was nearly split down the middle between flight and hotel bookings, with $45 million coming from flight reservations (a 42% increase year-on-year, and 16% over Q1) and $47 million coming from hotel reservations (also a 42% increase, as well as a 22% increase over Q1). Volume increased by 22% and 34% respectively. Packaged tours ($10 million in revenue) and corporate travel ($5 million in revenue) rounded out the majority of revenue, with both sectors increasing by over 80% year-on-year.
Min Fan, CEO of Ctrip was quoted in earnings press release as saying:
“Through our strong execution, we were able to extend our leadership in all business lines. Our presence in the Greater China region will enable us to provide excellent services to customers travelling abroad. The Ctrip team is well positioned to capture more opportunities in the travel industry in China.”
Ctrip expects to continue with 35-40% growth year-on-year in Q3.
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