(Yicai Global) Sept. 24 -- Chinese online travel agency Trip.Com Group reported revenue growth of more than 80 percent for a second quarter in a row amid a strong recovery in China’s domestic tourism market.
Revenue surged 86 percent to CNY5.9 billion (USD912 million) in the three months ended June 30 from a year ago, the Shanghai-based firm’s unaudited earnings report showed yesterday. Revenue sank 49 percent last year due to the coronavirus pandemic.
Its second-quarter net loss widened almost 36 percent to CNY647 million (USD100 million), after a CNY1.8 billion net profit in the first three months of the year.
Income from room bookings surged 96 percent to CNY2.5 billion, while revenue from transport ticketing jumped 80 percent to CNY2.1 billion and from package-tours 182 percent to CNY367 million.
The company did not provide guidance for the current quarter.
Trip.Com [HKG:9961] slid 0.3 percent in Hong Kong today to close at HKD228.40 (USD29.34). Its Nasdaq-listed shares [NASDAQ:TCOM] finished 1.4 percent higher at USD29.32 each yesterday.
The global tourism market is expected to return to pre-pandemic levels as early as next year, with China being the first country to recover due to sound coronavirus control measures, according to Southwest Securities. The international and Chinese tourism markets are expected to exceed USD7.1 trillion and CNY10 trillion (USD1.5 trillion) in 2025, respectively.
Editor: Futura Costaglione