Home > > Trip.com reports $100M net loss in Q2, domestic market sees strong recovery

Trip.com reports $100M net loss in Q2, domestic market sees strong recovery

09/24/2021| 10:14:44 AM| ChinaTravelNews 中文

Revenues from corporate travel management grew 141% year over year and 26% compared with the pre-COVID period in 2019.

Trip.com Group reported that its total net revenue increased by 86% year over year and 43% quarter over quarter, driven by the strong recovery momentum of the China domestic market.

Both the domestic hotel and air-ticket GMV increased by about 150% year over year. Compared with the same pre-COVID period in 2019, both domestic hotel and air ticketing reservations achieved double-digit growth in the second quarter.

Staycation travel continues to serve as a major driver of domestic recovery with local hotel reservations growing nearly 80% versus pre-COVID period in 2019.

Revenues from corporate travel management grew 141% year over year and 26% compared with the pre-COVID period in 2019.

"Overall, the Chinese domestic travel market has been encouraging, and we see great potential in international markets," said James Liang, Executive Chairman. "Going forward, we will continue to be adaptive and responsive to the changing market conditions and the evolving demands of post-pandemic travelers."

For the second quarter of 2021, Trip.com Group reported net revenue of RMB5.9 billion (US$912 million), representing an 86% increase from the same period in 2020, primarily due to the strong recovery of China's domestic market. Net revenue for the second quarter of 2021 increased by 43% from the previous quarter, primarily due to the easement of China's travel restrictions previously enhanced in January and February 2021.

Accommodation reservation revenue for the second quarter of 2021 was RMB2.5 billion (US$380 million), representing a 96% increase from the same period in 2020, and a 55% increase from the previous quarter, primarily due to the recovery of China's domestic market.

Transportation ticketing revenue for the second quarter of 2021 was RMB2.1 billion (US$320 million), representing an 80% increase from the same period in 2020, and a 37% increase from the previous quarter, primarily due to the recovery of China's domestic market.

Packaged-tour revenue for the second quarter of 2021 was RMB367 million (US$57 million), representing a 182% increase from the same period in 2020, and a 117% increase from the previous quarter, primarily due to the recovery of China's domestic market.

Corporate travel revenue for the second quarter of 2021 was RMB390 million (US$60 million), representing a 141% increase from the same period in 2020, and a 55% increase from the previous quarter, primarily due to the recovery of China's domestic market.

Net loss attributable to Trip.com Group's shareholders for the second quarter of 2021 was RMB647 million (US$100 million), compared to net loss attributable to Trip.com Group's shareholders of RMB476 million in the same period in 2020 and net income attributable to Trip.com Group's shareholders of RMB1.8 billion in the previous quarter. 

TAGS: Trip.com Group |  financial report | domestic market
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