First Free Story (1 of 3)Join Skift Pro
Chinese travel company Ctrip.com International Ltd. reported its net income rose 92 percent in the third quarter, helped by a sharp increase in travel-package and hotel bookings.
Details: Revenue from hotel reservations rose 34 percent, Ctrip.com said, while packaged-tour sales were up 43 percent. However, the company said it was earning lower commissions per ticket as it was a year ago.
Numbers: Net income was 373 million Chinese yuan ($60.9 million), or 2.44 yuan per American depositary share in the quarter ending Sept. 30. That’s up from 193.8 million yuan, or 1.41 yuan per ADS, in the same period a year ago. Company revenues were 1.64 billion yuan, up from 1.25 billion yuan a year ago. Ctrip had an adjusted profit excluding share-based compensation of 51 cents per ADS, beating the 41 cents that analysts polled by FactSet had expected.
Future: Ctrip had 100 million yuan in sales through mobile devices in the quarter. The company expects mobile sales to become a large percentage of the company’s sales going forward and eventually mobile will be Ctrip’s dominant booking platform.
Stock: U.S.-traded shares of Ctrip.com were down $4.59, or 7.75 percent, to $54.60 in aftermarket trading. Through Tuesday’s regular-session close, the stock is up more than 160 percent this year.
Copyright (2013) Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.