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Ctrip.com Announces Hong Kong Investment, Annual Earnings

Profits rose at the end of last year for Chinese online travel company Ctrip.com International Ltd. according to the company’s unaudited financial results announced today for the fourth quarter and the full year ended December 31, 2009.

Net revenues were CNY566 million for the fourth quarter of 2009, up 43% year-on-year. Excluding net revenues attributable to its Taiwan business, ezTravel, Ctrip’s net revenues were CNY546 million for the fourth quarter of 2009, up 38% year-on-year. For the full calendar year of 2009, net revenues were CNY2.0 billion in 2009, up 34% from 2008. Excluding net revenues attributable to ezTravel, net revenues were CNY1.9 billion for the full year 2009, representing an increase of 29% from 2008.

“Year 2009 was a year of challenges and opportunities. We continued to increase our market share, strengthen our vendor relationships, and enhance our customer service,” said Min Fan, president and CEO of Ctrip.

Gross margin was 77% for the fourth quarter of 2009, remaining consistent with that in the same period in 2008. Income from operations was CNY189 million for the fourth quarter of 2009, up 62% year-on-year.

Ctrip’s wholly owned subsidiary, C-Travel International Limited, has also entered into an agreement with Wing On Travel (Holdings) Limited, whereby C-Travel agrees to invest in and Wing On Travel agrees to sell to C-Travel, 90% of the issued share capital of Wing On Travel’s travel service segment, for a total consideration of approximately USD88 million in cash. The closing of the transaction is subject to certain conditions, including approval by shareholders of Wing On Travel.

Headquartered in Hong Kong, Wing On Travel primarily operates in Hong Kong and engages in tour packages, airline ticketing, hotel reservation and inbound and outbound travel operations. Wing On Travel operates approximately 20 branches, along with a call center and the website.

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