Fueled by the solid recovery of domestic and international tourism markets, China’s online travel service provider Trip.com saw its fourth-quarter net revenue grow by 105% to RMB 10.3 billion compared to the same period in 2022, but the company’s net income dropped 38% to RMB 1.3 billion from a year earlier. Despite that, the Nasdaq and Hong Kong-dual-listed firm broke records in full-year profit last year, experiencing a sevenfold rise to RMB 10 billion from RMB 1.4 billion in 2022. “Our business has fully rebounded to pre-Covid levels as of 2023,” CEO Jane Sun said in the earnings call, adding that Trip.com will stop using 2019 as a benchmark from this year. In the three months ended in December, Trip.com’s revenue from accommodation reservations, which accounted for the largest share at 38% of total sales, grew 131% in the period, and packaged-tour earnings reported a 329% year-on-year increase. [Trip.com]

Related