CTRIP, the Chinese tech travel giant which acquired Skyscanner in a bumper deal last year, has increased net revenue by 42 per cent in the third quarter to RMB7.9 billion (£900 million) writes Scott Wright.
The company, which brought multi-million pound windfalls to Skyscanner’s founders as a result of the £1.4bn acquisition last November, said revenue from accommodation reservations was up 36 per cent at RMB2.8bn compared with the same period last year. Operating margin grew 17 per cent at the company, which provides booking services for transportation, packaged tours and corporate travel.
Chief executive Jane Sun said: “We are pleased to deliver another quarter of solid results. The investment we’ve made in products, services and technologies cement an unrivalled value proposition for our customers and supply chain partners. Customer-centricity is a core value and we will continue to diligently uphold it.”
Ctrip unveiled the results just days after it announced the acquisition of Trip.com, a Silicon Valley-based travel planning and tourism app and website. Commenting on the deal, Skyscanner chief technology officer Bryan Dove said the addition of Trip.com would move it a step closer to “providing travellers everything they need in one single place.”
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