According to Ctrip’s quarterly and year-end report, although the company reported fourth-quarter revenues of RmB423 million (US$62 million) - a 10 per cent increase from 2007’s fourth quarter and a six per cent rise from the previous quarter in 2008 - net income fell 10 per cent to RmB121 million for the quarter from the same time last year. Income from operations also dropped eight per cent year-on-year to RmB117 million for the fourth quarter.
Ctrip’s annual results fared better: total revenues for the 2008 fiscal year rose 23 per cent to RmB1.6 billion from 2007, and income from operations was RmB461 million (US$68 million), up 14 per cent from the previous year.
Net income also rose 11 per cent to RmB444 million.
While the year-on-year results for China’s largest online travel agency were uplifting, they are lackluster compared to the results listed between for 2007. In February 2008, Ctrip released that fourth-quarter revenues were RmB356 million - up 58 per cent from 2006 - and net revenues were RmB1.2 billion for of 2007, up 54 per cent from 2006.
According to local reports, Ctrip attributes the losses to the economic climate as well as declined travel following the Beijing Olympics.
