Online travel firm eLong records $1.2 mln in net income for Q1 2011
Shanghai. May 17. INTERFAX-CHINA - Nasdaq-listed eLong Inc., a leading online travel agent in China, saw its net income rise 30 percent year-on-year to RMB 7.70 million ($1.20 million) in the first quarter (Q1) of 2011, according to unaudited financial results released May 16.
Hotel reservations were the company's main revenue stream, generating RMB 90.60 million ($13.92 million) or 68 percent of total revenue, according to the results.
Flight booking revenue reached RMB 30.20 million ($4.64 million) or 23 percent of overall revenue.
Meanwhile, eLong announced May 17 that Chinese Internet giant Tencent Inc. acquired roughly 16 percent of its outstanding shares for $84.40 million. The purchase means Tencent is eLong's second-largest shareholder behind U.S.-based Expedia Inc.'s 56 percent stake.
Tencent plans to offer eLong's travel services to its 674 million active users, the announcement said.
eLong added that it expects net revenue for Q2 2011 to reach a maximum of RMB 149 million ($22.90 million), up 25 percent year-on-year.
-CC
