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Ctrip.com International swings to loss in Q1

Ctrip.com International Ltd. said its first-quarter normalized net income was a loss of 19 fen per share, compared with the S&P Capital IQ consensus estimate of a loss of 28 fen per share.

The per-share result swung to a loss from the prior-year profit of 35 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 53.4 million yuan, compared with income of 111.4 million yuan in the year-earlier period.

The normalized profit margin fell to negative 2.3% from 7.0% in the year-earlier period.

Total revenue rose 46.3% on an annual basis to 2.31 billion yuan from 1.58 billion yuan, and total operating expenses grew 65.1% on an annual basis to 2.50 billion yuan from 1.51 billion yuan.

Reported net income totaled a loss of 125.9 million yuan, or a loss of 45 fen per share, compared to income of 118.5 million yuan, or 38 fen per share, in the prior-year period.

As of May 14, US$1 was equivalent to 6.20 yuan.