Ctrip's profit up 62% quarter-on-quarter

Online travel agency Ctrip.com International Ltd's net profit increased 62 percent quarter-on-quarter to 194 million yuan ($31 million) in the third quarter, thanks to a sales promotion campaign, the Shanghai Morning post reported on Thursday.

Fan Min, Ctrip's president, said that the company is ready for a long-term price war, and that its move to lower prices will see results until next year.

The company's income increased 21 percent quarter-on-quarter to 1.25 billion yuan in the third quarter. Net income was was 1.17 billion yuan, up 20 percent, and ahead of analysts' estimates.

The income of the company's hotel reservation unit was 457 million yuan, up 11 percent year-on-year, as reservations grew 40 percent on an annual basis.

mengfanbin@chinadaily.com.cn