Workers control access into a closed off community on Sunday, March 13, 2022, in Beijing. New … [+]
Trip.com, China’s top travel booking site, lost $131 million in the last three months of 2021 compared with a profit of $159 million a year earlier as Covid-19 infections reemerged in China, the company said in a statement today.
The new outbreaks “discouraged user demand” for the company’s products, Trip.com said.
Net revenue in the fourth quarter totaled $735 million, a 6% decrease from the same period in 2020. (See announcement here.)
“Going forward, we will continue to focus on the business recovery in the Chinese domestic market while remaining ambitious with our global vision towards global travel reopening,” Chairman James Liang said.
Employees walk through the reception area at the Trip.com Group Ltd. headquarters in Shanghai last … [+]
China’s domestic market, however, is getting hurt again this quarter by Covid outbreaks in major cities including Shanghai. The country also suffered an airline disaster this week when a China Eastern Airlines flight mysteriously crashed with 132 onboard and no reported survivors.
Ctrip’s shares have tumbled more than 36% in the last year amid the continued global impact of the pandemic.
Trip.com has three billionaires on its board – Baidu CEO Robin Li, Sequoia China Founding Managing Partner Neil Shen, and Huazhu hotel chain founder Ji Qi. Shen and, another member, JP Gan, are members of the 2021 Forbes Midas List.
See related post:
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@rflannerychina
Source: https://www.forbes.com/sites/russellflannery/2022/03/23/chinas-tripcom-posts-131-mln-loss-in-4th-quarter-as-pandemic-drags-on/