I've increased my stake from 0.1% of portfolio to 1.3% with this AM's purchases.
- Chinese travel Web site operator Ctrip.com International Ltd. said Wednesday its first-quarter profit jumped on higher airline ticket sales.
- Net income rose 52 percent to 98.8 million RMB ($14.1 million), or 1.43 RMB per share (20 cents per share) from 64.9 million RMB or 0.96 RMB per share.
- The company said it earned 27 cents per share excluding expenses for stock-based compensation. Analysts polled by Thomson Financial expected profit of 18 cents per share, including stock-based compensation expenses, on sales of $46.5 million.
- Sales rose 47 percent to 366.7 million RMB ($52.3 million) from 249.2 million RMB.
- Chief executive Min Fan said the company was able to achieve strong results despite challenging weather conditions. Several analysts noted that the company was hurt by snowstorms in the first quarter.
- Citi analyst Catherine Leung maintained her "Buy" rating and said the company had a very strong first quarter. However, she said the company was meeting turbulence in the second quarter, primarily because of the recent earthquake in western China.
- Shares of Ctrip.com International Ltd. plunged Thursday after Chinese travel Web site operator lowered its second-quarter outlook, primarily because of the earthquake that struck western China Monday. The company said late Wednesday it expects growth of 30 percent, compared with a previous estimate for growth of 35 percent.
Long Ctrip.com in fund and personal account