Chinese travel company Ctrip International has reported a strong rise in profits for the third quarter of the year.
In the three months to 30 September 2013, the Shanghai-based company generated net profits of CNY373 million (US$61m), up 92% compared to the same period last year. This was achieved following a 31% jump in revenues, to CNY1.5 billion.
“We are excited to report great results in the third quarter of 2013,” said James Liang, Ctrip’s chairman & CEO.
“We achieved strong growth in our major businesses and just recently saw the daily transaction value from Ctrip’s mobile channels reach a record of CNY100 million. We expect mobile to become Ctrip’s most important booking platform in the near future, and we will continue to extend our leadership in the online and mobile travel markets in China.”
The company’s hotel reservation revenues increased 34% to CNY611 million (US$100 million) in Q3 2013, while air ticketing revenues climbed 26% to CNY604m. Package tour revenue jumped 43% to CNY320m and corporate travel turnover was up 33% to CNY72m.
Ctrip’s expenses also continued to rise however, with product development, sales and marketing and administration costs up 38%, 17% and 14% respectively.
For the fourth quarter of 2013, Ctrip said it expects its revenue to increase “at a rate of approximately 20-25%”.