Ctrip reported net revenues of RMB 19.2 billion (USD 2.8 billion) in full year 2016, representing a 76% increase YoY. Accommodation reservation revenues were RMB 7.3 billion (USD 1.1 billion), up by 58% YoY, accounting for 37% of the total revenues in 2016 and 40% of the total revenue in 2015.
Key Highlights
* Q4 Net revenues increased 76% YoY to RMB 5.1 billion.
* Income from operations for the quarter increased 118% YoY to RMB 207 million.
* Net income attributable to Ctrip's shareholders reached RMB 645 million in the fourth quarter of 2016.
* Net loss attributable to Ctrip's shareholders for full year 2016 was RMB 1.4 billion (USD 206 million), compared to net income of RMB 2.5 billion in 2015.
"The group delivered both healthy revenue growth and significant margin expansions throughout the year, despite challenges in the air ticket distribution environment. Through our one-stop travel platform, we will continue to innovate and execute to better serve more customers around the world," said Jane Jie Sun, Chief Executive Officer.
"Ctrip has been expanding its global footprint through China's growing outbound travel demand," said James Liang, Executive Chairman. "The addition of Skyscanner has complemented our positioning on a global scale. Skyscanner and Ctrip plan to share the best practices to unlock the potential of both brands."
Fourth quarter and full year 2016 financial results
For the fourth quarter of 2016, Ctrip reported net revenues of RMB 5.1 billion (USD 730 million), representing a 76% increase from the same period in 2015, primarily due to the consolidation of the financial results of Qunar Cayman Islands Limited ("Qunar") starting from December 31, 2015. Net revenues for the fourth quarter of 2016 decreased 9% from the previous quarter, primarily due to seasonality.
For the full year ended December 31, 2016, net revenues were RMB 19.2 billion (USD 2.8 billion), representing a 76% increase from 2015.
Accommodation reservation revenues for the fourth quarter of 2016 were RMB 1.8 billion (USD 266 million), representing a 56% increase from the same period in 2015, primarily driven by an increase in accommodation reservation volume and the consolidation of Qunar's financial results since December 31, 2015. Accommodation reservation revenues for the fourth quarter of 2016 decreased 11% from the previous quarter, primarily due to seasonality.
For the full year ended December 31, 2016, accommodation reservation revenues were RMB 7.3 billion (USD 1.1 billion), representing a 58% increase from 2015. The hotel reservation revenues accounted for 37% of the total revenues in 2016 and 40% of the total revenue in 2015.
Transportation ticketing revenues for the fourth quarter of 2016 were RMB 2.4 billion (USD 352 million), representing a 97% increase from the same period in 2015.
For the full year ended December 31, 2016, transportation ticketing revenues were RMB 8.8 billion (USD 1.3 billion), representing a 98% increase from 2015. The transportation ticketing revenues accounted for 45% of the total revenues in 2016 and 39% of the total revenue in 2015.
Packaged-tour revenues for the fourth quarter of 2016 were RMB 467 million (USD 67 million), representing a 33% increase from the same period in 2015, primarily driven by an increase in volume growth of organized tours and self-guided tours. Packaged-tour revenues for the fourth quarter of 2016 decreased 43% from the previous quarter, primarily due to seasonality.
For the full year ended December 31, 2016, packaged-tour revenues were RMB 2.3 billion (USD 333 million), representing a 39% increase from 2015. The packaged-tour revenues accounted for 12% of the total revenues in 2016 and 15% of the total revenue in 2015.
Corporate travel revenues for the fourth quarter of 2016 were RMB 179 million (USD 26 million), representing a 32% increase from the same period in 2015 and a 8% increase from the previous quarter, primarily driven by increased corporate travel demand from business activities.
For the full year ended December 31, 2016, corporate travel revenues were RMB 608 million (USD 88 million), representing a 29% increase from 2015. The corporate travel revenues accounted for 3% of the total revenues in 2016 and 4% of the total revenue in 2015.
Net income attributable to Ctrip's shareholders for the fourth quarter of 2016 was RMB 645 million (USD 93 million), compared to RMB 76 million in the same period in 2015 and RMB 24 million in the previous quarter.
For the full year ended December 31, 2016, net loss attributable to Ctrip's shareholders was RMB 1.4 billion (USD 206 million), compared to net income ofRMB 2.5 billion in 2015.
Business Outlook
For the first quarter of 2017, the Company expects the net revenue growth to continue at a year-on-year rate of approximately 40-45%. This forecast reflects Ctrip's current and preliminary view, which is subject to change.
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