Ctrip’s profits soar despite China troubles
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Ctrip.com International has announced a 35% rise in its second quarter profts. The online travel giant made CNY119 million (US$17 million) in the three-month period ending 30 June 2008, with net revenues totalling CNY375 million (US$55 million) - a 30% year-on-year rise.
Ctrip’s Chief Executive Officer, Min Fan, said of the results; “Although the travel industry in China encountered many difficulties during the second quarter of 2008 after the Sichuan earthquake, Ctrip delivered solid revenue and earnings growth.”
Meanwhile Jane Sun, Chief Financial Officer of the company, said many travellers were delaying their China trips until after the Olympic Games.
“We’ve seen the market has slowed down during the Olympics,” Sun said. “But our expectation is in the fourth quarter all the business and travel volume will be back to normal.”
For the third quarter of 2008, Ctrip has said it expects year-on-year net revenue growth to be in the range of 15-20%.
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