China-headquartered travel service provider Trip.com posted strong revenue growth of 180% to RMB 11.2 billion ($1.6 billion) in the quarter ended in June, 29% more than for the same period in 2019, before Covid-19 hit the industry. The growth was largely attributed to a recovery in the domestic travel market. Revenue from package tours saw the highest year-on-year increase within the company at 492%, with transportation ticketing and accommodation reservation revenue being the main drivers, contributing RMB 4.8 billion and RMB 4.3 billion respectively during the period. However, the firm’s outbound hotel and air reservations only showed a recovery of just over 60% compared to the figures from four years prior. Net income was 14 times that during the same period last year, amounting to RMB 648 million in the second quarter. [Trip.com]
Related
