SHANGHAI, Aug 31, 2016 - Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China ("Ctrip" or the "Company"), announced its unaudited financial results for the second quarter ended June 30, 2016.
Highlights for the Second Quarter of 2016
1. Net revenues for the second quarter of 2016 were RMB4.4 billion, up 75% year-on-year.
2. Operating margin for the second quarter of 2016 was -9%, increasing meaningfully from -44% in the previous quarter.
Second Quarter of 2016 Financial Results and Business Updates
For the second quarter of 2016, Ctrip reported net revenues of RMB 4.4 billion, representing an 75% increase from the same period in 2015, primarily due to the consolidation of the financial results of Qunar Cayman Islands Limited ("Qunar") starting from December 31, 2015. Net revenues for the second quarter of 2016 increased 6% from the previous quarter.
Accommodation reservation revenues for the second quarter of 2016 were RMB1.8 billion, representing a 61% increase from the same period in 2015 and a 10% increase from the previous quarter, primarily driven by an increase in accommodation reservation volume and the consolidation of Qunar's financial results since December 31, 2015.
Transportation ticketing revenues for the second quarter of 2016 were RMB2.0 billion, representing a 90% increase from the same period in 2015 and a 3% increase from the previous quarter, primarily driven by an increase in ticketing volume and the consolidation of Qunar's financial results sinceDecember 31, 2015.
Packaged-tour revenues for the second quarter of 2016 were RMB474 million, representing a 44% increase from the same period in 2015, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenues for the second quarter of 2016 decreased 15% from the previous quarter, primarily due to seasonality.
Corporate travel revenues for the second quarter of 2016 were RMB147 million, representing a 22% increase from the same period in 2015 and a 27% increase from the previous quarter, primarily driven by increased corporate travel demand from business activities.
Gross margin was 72% for the second quarter of 2016, compared to 71% in the same period in 2015 and 73% in the previous quarter.
Operating margin was -9% for the second quarter of 2016, compared to 2% in the same period in 2015, and -44% in the previous quarter.
Business Outlook
For the third quarter of 2016, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 70-75%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.
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