Trip.com COVID hit

TRIP.COM Group has reported its quarterly results for the three months to 31 Mar, indicating the severe ongoing impact on the business due to the COVID-19 resurgence in China.

Domestic bookings increased 20% year-on-year, but accommodation bookings were down 24% on the prior quarter.

Trip.com’s overall revenue was US$649 million for the period, about the same as the previous corresponding period, but its quarterly loss of US$55m was about half that from Q1 2021.

Packaged tour revenue declined 30%, while corporate travel was down 40% on the prior quarter.

The company’s overseas operations benefited from the recovery in international markets, including a 270% year-on-year increase in air ticket bookings on global platforms as Europe and Asia-Pacific recovered.