Trip.com turned to profit in fourth quarter of 2022, revenue rose 7.5% on year

 

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Trip.com, China’s largest online travel agency, reported a profit of nearly 2.1 billion yuan ($300 million) in the three months ended Dec. 31, compared to a net loss of 834 million yuan a year earlier. Revenue rose 7.5% to 5 billion yuan.

For the full year of 2022, the firm recorded a net profit of 1.4 billion yuan, versus a net loss of 550 million yuan in 2021. Revenue remained unchanged at about 20.1 billion yuan.

“In the fourth quarter, the European and the US markets made further progress towards normalcy while the Asia market was quickly picking up the pace,” Executive Chairman James Liang said. “We’ve seen rapid growth for China’s outbound travel since the start of 2023,” he added.

“So far in the first quarter, domestic air ticket and hotel bookings on Trip.com have exceeded that in the same period in 2019, while outbound travel bookings jumped more than 300% over last year,” Chief Executive Jane Sun said. “The darkness before the dawn has passed.”