By Maria Armental
Trip.com Group Ltd. reported a stronger-than-expected performance for the December quarter, driven by a Chinese domestic market recovery despite new waves of Covid-19 infections.
The company reported a fourth-quarter loss of RMB834 million ($131 million) and a 6% net revenue decline to RMB4.7 billion ($735 million). Still, the results beat analysts' projections, according to FactSet.
Short-haul travel, the company said, remained a key driver in the Chinese recovery, with the number of intra-provincial and local hotel reservations for the fourth quarter increasing more than 30% and 50%, respectively, compared to the same period in 2019.
Corporate travel revenue for the quarter rose 20% from the year earlier, the company said.
It ended the year at an $86 million loss on $3.14 billion in revenue.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
03-23-22 1906ET