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Ctrip accommodation revenue rises 23%, Skyscanner revenue grows 600% in Q1

Date:2018-05-23 14:53Source:ChinaTravelNews ReadingNumber: Times

Accommodation reservation revenue increased 23% in the first quarter, packaged-tour revenue rose 18% and corporate travel revenue climbed 25%. Transportation ticketing revenue remained flat.

Ctrip.com International, a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China, today announced its unaudited financial results for the first quarter ended March 31, 2018.

Ctrip reported strong financial results in the first quarter of 2018

* Net revenue increased 11% year-on-year to RMB 6.7 billion (USD 1.1 billion) in the first quarter of 2018.

* Net income attributed to Ctrip’s shareholders increased by more than 19 times year-on-year to RMB 1.1 billion (USD 170 million) in the first quarter of 2018, compared to RMB 52 million in the same period in 2017.

Ctrip’s international businesses sustained robust growth momentum

* Excluding Skyscanner, international air ticketing accounted for over 40% of the group’s air ticketing revenue, as we continue to ride the wave of Chinese outbound customers and expand our customer base in overseas markets.

* Skyscanner’s direct booking program continues to gain momentum, delivering revenue growth of over 600% year-on-year in the first quarter.

Ctrip increased its presence in lower-tier cities

* Total gross merchandise volume of the offline stores grew around 50% year-on-year in the first quarter of 2018.

First Quarter of 2018 Financial Results and Business Updates

Accommodation reservation revenue for the first quarter of 2018 was RMB 2.5 billion (USD 397 million), representing a 23% increase from the same period in 2017, primarily driven by an increase in accommodation reservation volume. Accommodation reservation revenue for the first quarter of 2018 increased 14% from the previous quarter, primarily due to seasonality.

Transportation ticketing revenue for the first quarter of 2018 was RMB 2.9 billion (USD 460 million), which remained consistent with the same period of 2017. Transportation ticketing revenue decreased 1% from the previous quarter.

Packaged-tour revenue for the first quarter of 2018 was RMB 834 million (USD 133 million), representing an 18% increase from the same period in 2017, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenue for the first quarter of 2018 increased 52% from the previous quarter, primarily due to seasonality.

Corporate travel revenue for the first quarter of 2018 was RMB 180 million (USD 29 million), representing a 25% increase from the same period in 2017, primarily driven by expansion in travel product coverage. Corporate travel revenue for the first quarter of 2018 decreased 13% from the previous quarter, primarily due to seasonality.

Gross margin was 82% for the first quarter of 2018, compared to 80% in the same period in 2017, and 83% for the previous quarter.

Product development expenses for the first quarter of 2018 increased by 10% to RMB 2.2 billion (USD 344 million) from the same period in 2017, primarily due to the increase in product development personnel related expenses. Product development expenses for the first quarter of 2018 accounted for 32% of the net revenue.

Sales and marketing expenses for the first quarter of 2018 increased by 11% to RMB 2.1 billion (USD 333 million) from the same period in 2017, primarily due to an increase in sales and marketing activities to strengthen our market position and personnel-related expenses. Sales and marketing expenses for the first quarter of 2018 accounted for 31% of the net revenue.

General and administrative expenses for the first quarter of 2018 increased by 1% to RMB 646 million (USD 103 million) from the same period in 2017. General and administrative expenses for the first quarter of 2018 accounted for 10% of the net revenue.

Income from operations for the first quarter of 2018 was RMB 590 million (USD 95 million), compared to RMB 374 million in the same period in 2017 and RMB  303 million in the previous quarter.

Operating margin was 9% for the first quarter of 2018, compared to 6% in the same period in 2017, and 5% in the previous quarter.

Income tax expense for the first quarter of 2018 was RMB 179 million (USD 29 million), compared to RMB 139 million in the same period of 2017 and RMB 238 million in the previous quarter.

Net income attributable to Ctrip’s shareholders for the first quarter of 2018 was RMB 1.1 billion (USD 170 million), compared to RMB 52 million in the same period in 2017 and RMB 350 million in the previous quarter.

As of March 31, 2018, the balance of cash and cash equivalents, restricted cash and short-term investment was RMB 52.5 billion (USD 8.4 billion).

Business Outlook

For the second quarter of 2018, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 12%-17%, which is calculated on the estimated net revenue of the second quarter of 2018 under the new revenue recognition standard and the net revenue of the second quarter of 2017 retrospectively adjusted. This forecast reflects Ctrip’s current and preliminary view, which is subject to change.

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