eLong Triples Q1 Profits YoY

   Date:2010/05/24     Source:

Online travel services provider eLong (Nasdaq:LONG) made net income of RMB 5.94 million from January to March this year, or RMB 0.24 per diluted American depository share, compared with net income of RMB 2 million in the first quarter in 2009 and RMB 965,000 in the previous quarter, the company announced May 21. eLong total revenues grew 30% year-on-year to RMB 107.51 million in the quarter, with hotel revenues increasing 23% year-on-year to RMB 69.17 million, and air ticketing revenues up 38% year-on-year to RMB 29.43 million.

The company attributed the growth in hotel revenues to a 32% year-on-year jump in room nights booked, partially offset by lower commission per room night as the company's hotel mix shifted towards budget hotels and as a result of its coupon program. Air ticketing revenue growth was driven by 29% year-on-year growth in booking volume and an 8% year-on-year increase in average ticket price, according to the report.

The company's net revenues came to RMB 101.1 million, beating previous guidance.

The company expects net revenues for the second quarter of 2010 of RMB 102 million to RMB 111 million, equal to an increase of 25-35% year-on-year.

 

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