LONG | Quote | Chart | News | PowerRating -- eLong, Inc. (Nasdaq: LONG | Quote | Chart | News | PowerRating) posted total gross revenues of CNY 86.9 million for the three months ended June 30, 2009, up 1.52% from April-June 2008 and 5.44% from January-March 2009, according to the online travel service provider's financial results for the second quarter of 2009.
In detail, revenues from hotel commissions declined 5.76% from the second quarter of 2008 but climbed 5.47% from the first quarter of 2009 to USD 8.678 million, accounting for 68.19% of the total. Revenues from air ticketing commissions rose 19.27% year on year and 2.48% quarter on quarter to USD 3.187 million, topping USD 3 million for the second time and taking up 25.04% of the total. Other travel revenues reached USD 862,000, growing slightly.
Gross profit arrived at USD 8.532 million. Gross margin was 67%, the same as the level in the period last year. Operating profit touched USD 931,000, swelling 288% quarter on quarter. Net revenues touched USD 12 million.
Operating expenses amounted to USD 7.601 million, down 9.23% from the period last year and 19% from the previous quarter. Service development expenses slipped 1% year on year; sales and marketing expenses dropped 29% year on year; and general and administrative expenses decreased 14% year on year.
Net income widened to CNY 9.5 million, compared with net loss of CNY 20.3 million in the period last year and net income of CNY 2 million in the previous quarter. Basic and diluted net income per American depositary share (ADS) stood at CNY 0.4 and CNY 0.38, compared with basic and diluted loss per ADS of CNY 0.8 in the period last year.
Cash, cash equivalents and short-term investments added up to CNY 915.5 million, lower than CNY 964.9 million at the end of March 2009.
Looking ahead, the company forecasts that it will seek net revenues of CNY 88 million to CNY 97 million for the third quarter of 2009, rising 5% to 15% year on year.
Earlier, the Beijing-headquartered company posted total gross revenues of CNY 82.5 million for the first quarter of the year, inching up 1% from January-March 2008.
Revenues from hotel commissions slipped 2% year on year to CNY 56.222 million, accounting for 73% of the total. Revenues from air ticketing commissions increased 8% year on year to CNY 21.248 million, taking up 27% of the total. Other travel revenue reached CNY 350,000, falling 56% year on year. Gross margin was 69%.
(USD 1 = CNY 6.84)
Source: www.163.com (August 27, 2009)
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