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Ctrip forecasts strong revenue growth, fueled by Chinese tourism

Ctrip.com International Ltd. on May 22 delivered first-quarter earnings that soared as the Chinese travel service provider benefited from a surge in international travel. It also forecast double-digit year-over-year growth in second-quarter net revenue.

The company, based in Shanghai and listed on the Nasdaq, reported that net income attributable to shareholders of the parent in the three months to March 31 jumped to 2.12 billion yuan from 574 million yuan in the same period a year earlier. Diluted EPS rose to 27.83 yuan from 8.32 yuan.

Net revenue climbed to 6.73 billion yuan from 6.05 billion yuan as the company continued "to ride the wave of Chinese outbound customers" and expanded in overseas markets, according to the company's earnings release.

For the second quarter through June, Ctrip expects net revenue growth of about 12% to 17% year over year.

"We are in a good position to capture growth in the travel industry, both domestically and globally, and we are very excited about the bright future ahead of us," CEO Jane Sun said.

As of May 22, US$1 was equivalent to 6.37 yuan.