• Directory of Taiwan International's 1Q profit rises 23 pct International's 1Q profit rises 23 pct International Ltd., a Chinese travel service provider, said its first-quarter profit increased 23 percent on higher revenues from hotel and flight reservations and tour bookings.
The company, based in Shanghai, reported net income of 234.9 million yuan ($35.8 million) Monday, or 1.54 yuan (24 cents) per American depositary shares, for the three months ended March 31.
That compares with net income of 190.4 million yuan ($29.3 million), or 1.30 yuan (20 cents) per American depositary shares, in the same quarter last year.
Excluding the impact of share-based compensation charges, the company earned 2.01 yuan (31 cents) per American depositary shares for the quarter.
The results trumped analysts' consensus forecast for earnings per American depositary share of 22 cents, according to FactSet.
Revenue surged to 764.5 million yuan ($116.8 million), from 586.7 million yuan ($90.2 million), a year earlier. Analysts were anticipating revenue of $111.8 million.
Travel in China is on the rise, and the market is projected to double next year, by some estimates.
That represents a potential windfall for online travel websites that are in position to grab a slice of the business.
On Tuesday, Chinese Internet and mobile company Tencent Holdings Ltd. bought a 16 percent interest in Beijing-based online travel company eLong Inc.
Online travel company Expedia Inc., meanwhile, boosted its stake in eLong to 56 percent. said hotel reservations revenue increased 23 percent versus the prior-year quarter, driven by a 20 percent jump in volume and rising commission per room night.
Flight bookings for the quarter also improved 23 percent from a year earlier, primarily driven by a 20 percent spike in air ticketing sales volume and a 3 percent uptick commission per ticket, the company said.
Packaged tour revenue surged 74 percent from a year earlier due to an increase in leisure travel volume.
The company noted that Wing On Travel and ezTravel contributed 54 percent to its annual increase in packaged-tour revenue as travel demand picked up.
Corporate travel revenue for the quarter rose 20 percent from the prior-year quarter.
Looking ahead, expects revenue in the second quarter to grow between 15 percent and 20 percent. shares fell $2.18, or 4.7 percent, to close at $44.18 Tuesday.