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Ctrip to adopt a new trade name

Ctrip to adopt a new trade name

SHANGHAI: Ctrip.com International Ltd (Nasdaq: CTRP) will hold its annual general meeting of shareholders in Shanghai on Oct 2, when shareholders will approve a change of name from “Ctrip.com International Ltd” to “Trip.com Group Limited”.

tourism
By TTR Weekly

Saturday 21 September 2019, 02:00PM


The company stated that the proposed name change would not affect any rights of shareholders or the company’s operations and financial position.

“Trip.com is a great name that clearly conveys our mission to serve our customers through every part of their travel journey. It is easily relatable and understood by global travel audiences,” said Executive Chairman James Jianzhang Liang.

“Under the group level, we will continue to operate Ctrip and Qunar as OTA brands for Chinese users, in addition to Trip.com and Skyscanner, our OTA brand and travel search brand for global users, respectively,” said chief executive officer Jane Jie Sun.

Meanwhile, Ctrip.com International Ltd announced its unaudited financial results for the second quarter ended June 30

Ctrip reported strong financial results for the second quarter of 2019, although it still declared a net loss for shareholders.

Income from operations increased by 84% year-over-year to RMB1.3 billion (US$194 million).

Net revenue increased by 19% year-over-year to RMB8.7bn (US$1.3bn) in the second quarter of 2019.

Ctrip’s international businesses sustained robust growth momentum.

The growth rate of the international hotel business and international air business – excluding its Skyscanner business – in the second quarter of 2019 more than doubled that of the China outbound traffic growth in the same period

In the second quarter of 2019, revenues generated from international businesses, including travel services for cross-border travellers in Greater China area and users in foreign countries, accounted for over 35% of revenue in the second quarter of 2019.

Ctrip increased its presence in lower-tier cities in China. Ctrip branded low-star hotel room-nights increased by more than 50% year-over-year in the second quarter of 2019.

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“We are encouraged by our results across our businesses and markets,” said the chief executive officer. “Our team continued to push the product coverage in scope and depth, improve customer service quality, and expand our exposure in domestic and overseas markets. We are confident and excited about the long-term future for the travel industry in China and the world.”

In October, the company celebrates its 20th anniversary.

Business revenue

Accommodation reservation revenue for the second quarter of 2019 was RMB3.4bn (US$497 million), representing a 21% increase from the same period in 2018.

Transportation ticketing revenue for the second quarter of 2019 was RMB3.4bn (US$496 million), representing a 13% increase from the same period in 2018, primarily driven by strong international air ticketing demand and an increase in ground transportation.

Packaged-tour revenue for the second quarter of 2019 was RMB1.1bn (US$153mn), representing a 25% increase from the same period in 2018, primarily driven by significant traffic from offline stores and high demand of customized tours.

Corporate travel revenue for the second quarter of 2019 was RMB309mn (US$45mn), representing a 21% increase from the same period in 2018, primarily driven by the expansion of the corporate customer base and an optimized product mix trend.

Gross margin was 79% for the second quarter of 2019, compared to 80% in the same period in 2018, and remained consistent with that for the previous quarter.

 

Read original story here.

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