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Ctrip reports its unaudited Q4 and annual 2014 financial results

03/20/2015| 9:46:16 AM|

Ctrip.com announced its unaudited financial results for the fourth quarter and the full year ended December 31, 2014.

SHANGHAI, March 19, 2015 /PRNewswire/ - Ctrip.com announced its unaudited financial results for the fourth quarter reporting "strong momentum" for its main business lines during the full year of 2014.

Highlights for the Fourth Quarter of 2014

Net revenues were RMB1.9 billion (US$308 million) for the fourth quarter of 2014, up 33% year-on-year, exceeding our net revenue guidance of 30% increase year-on-year for the fourth quarter 2014.

Accommodation reservation volume increased 53% year-on-year, exceeding our guidance of 40-50% volume increase year-on-year, and accommodation reservation revenues increased 31% year-on-year, reaching RMB842 million (US$136 million) for the fourth quarter of 2014.

Transportation ticketing volume increased 102% year-on-year, exceeding our guidance of 55-65% volume increase year-on-year, and transportation ticketing revenues increased 34% year-on-year, reaching RMB774 million (US$125 million) for the fourth quarter of 2014.

Gross margin was 69% for the fourth quarter of 2014, compared to 73% in the same period in 2013, and 72% in the previous quarter.

Highlights for the Full Year 2014

Net revenues were RMB7.3 billion (US$1.2 billion) in 2014, up 36% year-on-year.
Accommodation reservation volume increased 63% year-on-year, and accommodation reservation revenues increased 45% year-on-year, reaching RMB3.2 billion (US$516 million) in 2014.

Transportation ticketing volume increased 90% year-on-year, and transportation ticketing revenues increased 36% year-on-year, reaching RMB3.0 billion (US$475 million) in 2014.
Gross margin was 71% in 2014, compared to 74% in 2013.

Net income attributable to Ctrip's shareholders was RMB243 million (US$39 million) in 2014, down 76% year-on-year. Excluding share-based compensation charges (non-GAAP), net income attributable to Ctrip's shareholders was RMB739 million (US$119 million), down 49% year-on-year. 

"In the fourth quarter of 2014, our main business lines demonstrated strong momentum," said James Liang, Chairman of the Board and Chief Executive Officer of Ctrip. "Accommodation reservation and transportation ticketing services reached 53% and 102% year-over-year volume growth respectively. Total GMV of packaged tour business reached RMB13 billion in 2014. Our new initiatives have propelled the expansion in our market share. Cumulative mobile app downloads reached nearly 600 million by the end of the year, growing over 70% from the previous quarter. Over 70% of transactions were made through mobile platforms during the Chinese New Year holiday. 2015 could be another exciting year. We will continue to focus on technology, service quality and efficiency, product comprehensiveness and price competitiveness, to create greater value for our customers, our partners, our employees and ultimately, our investors."

Fourth Quarter and Full Year 2014 Financial Results and Business Updates

For the fourth quarter of 2014, Ctrip reported total revenues of RMB2.0 billion (US$326 million), representing a 32% increase from the same period in 2013. Total revenues for the fourth quarter of 2014 decreased by 11% from the previous quarter.

For the full year ended December 31, 2014, total revenues were RMB7.8 billion (US$1.3 billion), representing a 36% increase from 2013.

Recent Development

In the first quarter 2015, Ctrip established Beijing Joint Wisdom Information Technology Co., Ltd. (Joint Wisdom) by merging several key subsidiaries, including Brandwisdom.cn, China's leading company providing hotel big data mining and other value-added services, with Ctrip Beijing China Software Hotel Information System Co., Ltd., China's one of the leading property management system providers.

With the combined strength, Joint Wisdom is providing the full set of property management system solutions to cover about 60,000 hotels in China, ranging from hostels to high star ones.

Joint Wisdom has integrated big data and cloud-based technology in three segments: software, information stream and data intelligence products. Utilizing these tools to meet the diverse needs of hotel's brand, operation and revenue management, Joint Wisdom effectively enables hotels to realize the potential of data-enabled operations.

By providing hotels the complete solutions to improve operating efficiency, Joint Wisdom will ultimately create more value for both hotels and the travel industry as a whole.

Senior Management Promotion

In March, 2015, Ctrip announced that Ms. Jane Jie Sun, Chief Operating Officer of the Company since May 2012 and Chief Financial Officer of the Company from December 2005 to May 2012, to be promoted and concurrently serve as Co-President and Chief Operating Officer of the Company, effective immediately.

Ms. Sun has made significant contributions in building Ctrip into a leading internet travel company since she joined Ctrip over nine years ago. With an ongoing focus on business operations, Ms. Sun will work closely with the other core management team and bring the Company to the next level of success.

Business Outlook

For the first quarter of 2015, the Company expects to continue the net revenue growth year-on-year at a rate of approximately 40-50%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.

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TAGS: Ctrip | fiscal report | 2014
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