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Ctrip’s net earnings shrink 42% in Q3
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CTRIP.COM International Ltd, China’s biggest online tourism service provider, said yesterday that its net profit shrank 42 percent in the third quarter due to a higher expenses for marketing promotions and investment in wireless services.
Net profit for Shanghai-based Ctrip totaled 216.9 million yuan (US$35.3 million), down from 372.9 million yuan a year ago. But its revenue rose 38 percent year on year to 2.1 billion yuan in the third quarter.
“It’s our strategy to focus on market share and scale rather than profit,” Nasdaq-listed Ctrip said in a statement.
Ctrip predicted its revenue to grow 30 percent in the fourth quarter, weaker than analysts’ expectations of 36 percent and its previous growth rate.
Ctrip has invested heavily to build and upgrade platforms for hotels and airlines. It has also expanded into the mobile sector, such as a wireless application which received a total of 350 million downloads.
The firm said sales and marketing expenses for the third quarter rose 69 percent to 598 million yuan from a year ago.
As Ctrip faces rivals with similar services such as Qunar and Tuniu in the domestic market, it has been forced to bolster investment to cement its leading rank, industry insiders said.
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