Ctrip.com Q2 Profit Falls, Stock Down - Update

(RTTNews) - Ctrip.com International, Ltd. (CTRP), a travel service provider of accommodation reservation, Wednesday said second-quarter net income fell from the prior year, amid higher expenses. The stock dropped nearly 4 percent in the extended trade.

Net income attributable to Ctrip's shareholders was 134.89 million yuan, compared to 210.38 million yuan last year. On a US dollar basis, net income were $21.7 million or $0.14 per ADS.

The company recognized share-based compensation charges of 111 million yuan in the second quarter of 2014.

Adjusted earnings per ADS were $0.26, while it totaled $0.36 last year.

Total revenues grew to 1.82 billion yuan from 1.32 billion yuan last year. On a US dollar basis, revenues were $293.3 million.

Net revenues were 1.722 billion yuan, compared to 1.245 billion yuan last year.

Accommodation reservation revenues increased 47 percent year-on-year, and Transportation ticketing revenues climbed 39 percent from last year.

Total operating expenses jumped to 1.152 billion yuan from 739.80 million yuan in the previous year.

For the third quarter of 2014, the company expects to continue the net revenue growth at a rate of 30-35 percent.

CTRP closed down 0.8 percent on Wednesday, and dropped 3.9 percent in the extended trade.