Ctrip Headquarters (Photo : Getty Images)
Ctrip.com International Ltd saw a 46 percent growth to 6.1 billion yuan ($884 million) in net revenues in the first quarter, according to the online service provider's un-audited financial report released on Wednesday, May 10.
China Daily reported that about 82 million yuan of Ctrip's Q1 earnings came from its shareholders, while its net loss during the same period last year was 1.6 billion yuan and its net income in the previous quarter was 645 million yuan.
The company bought Qunar, its domestic rival, and Skyscanner, a U.K.-based travel site, last year.
Ctrip's transportation ticketing business sustained its growth, which was bolstered by Skyscanner's acquisition.
In the first quarter, its transportation revenues reached 2.9 billion yuan, up by 48 percent year-over-year, and an increase of 18 percent from the previous quarter.
"This is the first quarter we consolidated Skyscanner results," James Liang, Ctrip executive chairman, said.
"By leveraging Skyscanner and other strategic overseas investments, we expect to further strengthen our international product offerings and improve user experiences for both Chinese and international travelers," Laing added.
According to Sun Jie, Ctrip CEO, the company has also succeeded in breaking into markets in lower-tier cities while making efforts to expand into international markets.
In April, China's A-lister Zhao Liying signed up as Qunar's first brand ambassador, a move that is expected to enhance the brand's influence among younger consumers and increase the number of its customers in lower-tier cities.
The company is also expecting its net revenue to increase by about 40 percent to 50 percent year-over-year in the next quarter.
Ctrip is now on the lookout for new acquisition targets amid the government's curb on capital flight.
"We are actively looking for opportunities in China and abroad," Cindy Xiaofan Wang, Ctrip finance chief, said in an interview. "I don't think they [the capital controls] will limit Ctrip in any way."
The company has stored cash in Singapore, the U.K. and Hong Kong, which enables it to make acquisitions overseas and in China.
Wang said that the company only aims for firms in the online travel booking industry, those who have unique technological solutions, have strategic resources and are based overseas.
