Government News
Trip.Com surges on six-fold leap in Q2 profit as outbound tourism recovers to pre-covid level 2024-08-27
Shares of Trip.Com Group rose after the Chinese online travel agency's net profit surged six-fold in the second quarter as its outbound tourism business fully recovered to the level before the Covid-19 pandemic.
Net profit attributable to shareholders totaled CNY3.8 billion (USD527 million) in the three months ended June 30, compared with CNY631 million (USD88.5 million) a year earlier, the Shanghai-based firm said in its latest earnings report released on Tuesday. Revenue rose 14 percent to CNY12.8 billion (USD1.8 billion).
Outbound hotel and flight reservations recovered to 100 percent of the pre-Covid-19 level in the same period of 2019, surpassing the industry-wide recovery rate of over 70 percent in terms of international flight capacity, Trip.Com noted.
"The second quarter of 2024 witnessed continued growth driven by strong travel demand, especially for cross-border travel," Executive Chairman James Liang said. "Our strong performance highlights our adaptability in a dynamic market."
Revenue from the accommodation business jumped 20 percent to CNY5.1 billion because of higher bookings on Trip.Com's Chinese sites, buoyed by higher demand for outbound and domestic trips.
Revenue from transportation tickets rose only 1 percent to CNY4.9 billion, while that from package tours and corporate travel soared 42 percent and 8 percent to CNY1 billion and CNY633 million, respectively.
"We are pleased with our strong growth and the resilience of travel consumption in China," said Jane Sun, chief executive officer of Trip.Com. "This promising outlook fuels our enthusiasm for innovation and new initiatives. By collaborating with our partners, we are well-positioned for even greater success."
Thanks to the introduction of several visa-free policies, inbound tourists flocked to China in the first half.
Inbound tourism bookings doubled in the first half from a year earlier, contributing 25 percent to Trip.Com's revenue from overseas platforms, which soared 70 percent in the second quarter alone, thanks to the growth from the Southeast Asian, Japanese, South Korean, European, and the US markets.
Source: Yicai Global
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