Ctrip.com China’s largest travel service provider has seen their net revenue increase 45% year on year according to their second quarter results. The Nasdaq-listed Ctrip, is partly owned by the Chinese search company Baidu, provides online booking for airline and railway tickets as well as hotels and is described as China’s largest travel company.
“We are pleased with the strong operating and financial results in the second quarter.” said Jane Jie Sun, Chief Executive Officer. “Ctrip maintained healthy revenue growth and achieved continual improvement in operating efficiency. The group will remain focused on operating fundamentals that create value for our customers and suppliers. We are confident that Ctrip will generate long-term value for shareholders in the years to come.”
These results come almost a year after the Chinese company bought Skyscanner for £1.4bn. The firm, which has its headquarters in Edinburgh, is available in more than 30 languages, with about 60 million monthly active users. It was set up to let users compare prices from different travel sites when searching for flights, hotels, and rental cars.
At the time of the deal co-founder and chief executive Gareth Williams said: “Ctrip and Skyscanner share a common view – that organising travel has a long way to go to being solved. To do so requires powerful technology and a traveller-first approach”.
But these results come against the backdrop of increased Chinese outbound tourism, with the UK alone seeing 260,432 visits from Chinese tourists in 2016, spending a total of £513.48m, with recent travel surveys suggesting that the 2017 figures could eclipse the 2016 numbers.
Ctrip seem to support that too, they have said that they expect their third quarter 2017, net revenue growth to continue at a year-on-year rate of approximately 35-40%.
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Article & Image: Spectrum Sino