online travel agency Ctrip saw its net revenue increase 21% - to $1.2 billion -
in the three months ending March 31 compared to the same period last year.
income from operations increased by an even wider margin - 50% - to $132
million in the first quarter of this year.
international business continues to grow at a brisk pace. More than a third of
the company’s revenue in the first quarter is attributed to international
continues to be a bright spot, posting a 250% growth in direct bookings
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"We are pleased that our first quarter results reflected
our faith in the outlook of the travel industry in China as well as
our own ability to execute and embrace the changes in this industry," says James
Liang, Ctrip founder and executive chairman.
"We primarily empower our growth organically and create
long-term value to stakeholders, focusing on expanding customer base and
deepening user engagement. We also have achieved an excellent record of global
strategic investments and collaborations.
"We are excited about our recent MakeMyTrip investment
and look forward to achieving greater success and creating more value to our
shareholders in the future."
ticketing – comprised of air and rail bookings – represented the largest share
of first quarter revenue at $500 million, a 16% increase year-over-year.
reservation revenue jumped a bit more, by 21%, in the first quarter to $450
tour revenue brought in $156 million, up 25% over the first quarter of 2018,
and corporate travel revenue increased 32% to $35 million.
the expense side, sales and marketing costs increased by 6% to $331 million in
the first quarter. The company says personnel-related expenses accounted for
most of the increase.
Sales and marketing expenses accounted for 27% of net
revenue in the first quarter, down from 31% year-over-year and from 34% in the
ahead, Ctrip says it expects net revenue growth to continue at a rate of 16- to
21% year-over-year in the second quarter.