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Ctrip Reports Strong Results For Third Quarter

November 12, 2004
Internet

Ctrip.com (NASDAQ: CTRP) , a consolidator of hotel accommodations and airline tickets in China, today announced its financial results for the third quarter of 2004.

"We are pleased to announce that Ctrip has delivered another record quarter. Our performance in the third quarter is evidence of our success in expanding product offerings, leveraging and strengthening the Ctrip brand, and growing a loyal customer base. We continued to acquire new customers at a record pace. At the end of the third quarter, we had nearly 950,000 accumulative customers. Our hotel supplier network continued to expand with the addition of more guaranteed allotment hotel rooms. Air-ticketing business further expanded to make a greater contribution to our top line," said James Liang, Chairman and CEO of Ctrip.

Net revenues grew by 12% quarter-on-quarter to CNY90.5 million (US$10.9 million), against the original guidance of CNY85.3 million (US$10.3 million) to CNY86.1 million (US$10.4 million). Net revenues increased by 64% year-on-year, benefiting from growth across all product lines. Operating income grew by 13% quarter-on-quarter to CNY41 million (US$4.9 million), and by 53% year-on-year.

Net income grew by 22% quarter-on-quarter to CNY38.3 million (US$4.6 million), and by 87% year-on-year. Fully diluted earnings were CNY2.40 (US$0.29) per ADS against the original guidance of US$ 0.24 to US$ 0.25 per ADS. Fully diluted earnings per ordinary share wereCNY1.20 (US$0.14). Gross margin and operating margin remained strong at 86% and 45%, respectively. Net margin reached a record 42%, compared to 39% in the second quarter.

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