Ctrip.com (CTRP)

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UPDATE 2-China's Ctrip Q4 profit doubles, shares rise
Wed Feb 27, 2008 10:58pm EST Email | Print | Share| Reprints BEIJING/LOS ANGELES, Feb 28 (Reuters) - China's top online travel agent, Ctrip.com International Ltd (CTRP.O: Quote, Profile, Research), said quarterly net profit doubled, beating expectations due to higher bookings and pushing its share price up in after-hours trade.

Ctrip.com, which is benefiting as a wealthier and expanding Chinese middle class spends more on travel, said it is growing faster than its competitors.

"We did increase market share in 2007," Chief Executive Min Fan told analysts on a conference call.

Events like the Beijing Olympic Games in August and the Shanghai World Expo in 2010 will give Ctrip opportunities to raise its profile, but contributions to the bottom line are difficult to forecast, executives said.

For full-year 2008, Ctrip said it expects to continue year-on-year net revenue growth of around 35 percent.

Shanghai-based Ctrip said fourth-quarter earnings doubled to $18.6 million, or 27 cents per American Depositary Share, easily beating the $14.8 million profit analysts had forecast.

Fourth-quarter net revenue rose 58 percent to $49 million, as hotel reservations, flight bookings and package tours all posted strong growth, the company said.

Ctrip had forecast year-on-year net revenue growth of about 35 percent for the fourth quarter, but the firm has a history of publishing conservative forecasts. Continued