Ctrip.com International Ltd. (NASDAQ: CTRP), a Chinese travel service agency, released its second quarter for the fiscal year.
The company reported that net revenue of RMB6.4 billion, up 45 percent from RMB4.54 billion year over year. The company reported an EPS increase of RMB1.49 per share, significantly higher than last year’s EPS of RMB0.12 per share. Earnings increased by 1141.6 percent.
The accommodation reservation business grew significantly in the second quarter, primarily driven by the volume growth of organic businesses. The company’s ticketing business also grew due addition of Skyscanner.
Skyscanner has officially launched its "direct booking" business, which introduces travelers to a hassle free booking experience.
Throughout the second quarter, Ctrip continued to strengthen its positions in lower-tier cities to draw in new customers which helped improve the second quarter earnings.
"The Ctrip group has made good progress in expanding into lower-tier cities and increasing presence in international markets in the first half of 2017," said James Jianzhang Liang, Executive Chairman.
"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."
For the third quarter of 2017, the travel service company expects the net revenue growth to continue at a year-on-year rate of approximately 35 to 40 percent.
Ctrip shares were down 2.2 percent during midday on Thursday.