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Ctrip.com (ticker: CTRP), a consolidator of hotel
accommodations and airline tickets in China, beat average consensus Q4 2004 EPS estimates by $0.06. Here are the details:


Q4 Results
(all percentage changes and comparisons are year on year, unless stated otherwise)


  • Net revenues were $11.9 million, up 46%.
  • Operating income was $4.0 million, up 49%.
  • Net income was $5.0 million, up 69%.
  • Fully diluted earnings per ADS were $0.31 against consensus of $0.25 and the company's original guidance of $0.24 to $0.25.

  • Gross margin was 84%, up from 83%.

  • Operating margin flat at 33%.
  • Hotel reservation revenues were $9.4 million, up 35% (and 5% sequentially). The number of hotel room nights booked was 1.19
    million, up from 880,000.
  • Air ticket booking revenues were $2.6 million, up 151%. The number of air tickets sold was 540,000 versus 240,000.
  • Packaged tour revenues for Q4 2004 were $412,090, up 12%.

Q1 Guidance
(all percentage changes and comparisons are year on year, unless stated otherwise)

  • Revenue growth of 30-40%.
  • (Calculation: CTRP generated net revenue of RMB 64.3 million in Q1 2004. Assuming a conversion rate of RMB 8.27 : US $1, the company expects net revenue of US $10.1 - US $10.9 million.)
  • Similar net income growth.
  • (Calculation: CTRP generated net income of RMB 21.7 million
    in Q1 2004. Assuming a conversion rate of RMB 8.27 : US $1, the company
    expects net income of US $3.4 - US $3.7 million.)
  • CTRP's Q1 2004 financials can be found in its F-2 SEC filing.

CTRP chart below.

Ctrp222

Source: Ctrip (CTRP) beats consensus, stock up 2% in weak market (4Q04 earnings)