SHANGHAI, China, May 14 /Xinhua-PRNewswire-FirstCall/ --Ctrip.com International, Ltd. (Nasdaq: CTRP), a leading travel serviceprovider for hotel accommodations, airline tickets and packaged tours in China,today announced its unaudited financial results for the quarter ended March 31,2008.

    Highlights for the First Quarter of 2008
    -- Net revenues were RMB340 million (US$49 million) for the first       quarter of 2008, up 47% year-on-year.
    -- Gross margin was 80% for the first quarter of 2008, remaining       relatively consistent with 79% in the same period in 2007.
    -- Income from operations was RMB110 million (US$16 million) for       the first quarter of 2008, up 55% year-on-year.  Excluding       share-based compensation charges (non-GAAP), income from       operations was RMB144 million (US$21 million), up 60%       year-on-year.
    -- Operating margin was 32% in the first quarter of 2008,       compared to 31% in the first quarter of 2007.  Excluding       share-based compensation charges (non-GAAP), operating margin       was 42%, compared to 39% during the same period in 2007.
    -- Net income was RMB99 million (US$14 million) in the first       quarter of 2008, up 52% year-on-year.  Excluding share-based       compensation charges (non-GAAP), net income was RMB132 million       (US$19 million), up 58% year-on-year.
    -- Diluted earnings per ADS were RMB1.43 (US$0.20).  Excluding       share-based compensation charges (non-GAAP), diluted earnings       per ADS were RMB1.92 (US$0.27).
    -- Share-based compensation charges were RMB33 million (US$5 million),       accounting for 10% of the net revenues, or RMB0.48 (US$0.07) per       ADS, for the first quarter of 2008.

''During the first quarter of 2008, we achieved strong financial resultsdespite of the challenges due to weather conditions,'' said Min Fan, ChiefExecutive Officer of Ctrip. ''We are not only gaining new customers andbusiness, but we are also strengthening our brand recognition in the travelindustry. We will continue to provide high quality service to our customers.We believe Ctrip will be able to improve its position in this promising andchallenging market.''

First Quarter 2008 Financial Results

For the first quarter of 2008, Ctrip reported total revenues of RMB367million (US$52 million), representing a 47% increase from the same period in2007 and a 4% decrease from the previous quarter.

Hotel reservation revenues amounted to RMB171 million (US$24 million) forthe first quarter of 2008, representing a 28% increase from the same period in2007 primarily due to increased hotel booking volume and a 13% decrease fromthe previous quarter primarily due to decreased hotel booking volume duringthe Chinese New Year holidays.

Air-ticketing revenues for the first quarter of 2008 were RMB159 million(US$23 million), representing a 68% increase from the same period in 2007 anda 3% increase from the previous quarter, primarily due to increased airticketing volume.

Packaged-tour revenues for the first quarter of 2008 were RMB27 million(US$4 million), up 67% from the same period in 2007 and 22% from the previousquarter, primarily due to the increased leisure travel volume in the firstquarter of 2008.

For the first quarter of 2008, net revenues were RMB340 million (US$49million), a 47% increase from the same period in 2007. Net revenues decreasedby 4% from the previous quarter.

Gross margin was 80% in the first quarter of 2008, remaining relativelyconsistent with 79% in the same period in 2007 and 81% in the previous quarter.

Product development expenses for the first quarter of 2008 increased by57% to RMB54 million (US$8 million) from the same period in 2007 primarily dueto the increased product development personnel resources. Product developmentexpenses remained relatively consistent with the fourth quarter of 2007.Excluding share-based compensation charges (non-GAAP), product developmentexpenses accounted for 13% of the net revenues, remaining consistent with thesame period last year and the fourth quarter of 2007.

Sales and marketing expenses for the first quarter of 2008 increased by36% to RMB66 million (US$9 million) from the same period in 2007 primarily dueto the increased sales and marketing personal resources. Sales and marketingexpenses decreased 9% from the previous quarter, primarily due to the decreasein advertisement and other sales and marketing activities. Excluding share-based compensation charges (non-GAAP), sales and marketing expenses accountedfor 18% of the net revenues, which was a decrease from 20% in the same periodlast year and 19% in the previous quarter.

General and administrative expenses for the first quarter of 2008increased by 42% to RMB43 million (US$6 million) from the same period in 2007and 17% from the previous quarter primarily due to the increase of personnelresources and share-based compensation charges. Excluding share-basedcompensation charges (non-GAAP), general and administrative expenses accountedfor 7% of the net revenues, which was a decrease from 8% in the same periodlast year and was relatively consistent with the previous quarter.

Income from operations for the first quarter of 2008 was RMB110 million(US$16 million), which represented a 55% increase from the same period in 2007and a 13% decrease from the previous quarter. Excluding share-basedcompensation charges (non-GAAP), income from operations was RMB144 million(US$21 million), representing a 60% increase from the same period in 2007 anda 4% decrease from the pervious quarter.

Operating margin was 32% in the first quarter of 2008, compared to 31% inthe first quarter of 2007 and 36% in the previous quarter. Excluding share-based compensation charges (non-GAAP), operating margin was 42% in the firstquarter of 2008 compared to 39% in the first quarter of 2007 and wasrelatively consistent with the previous quarter.

Net income for the first quarter of 2008 was RMB99 million (US$14 million),representing a 52% increase from the same period in 2007, and a 27% decreasefrom the previous quarter. Excluding share-based compensation charges (non-GAAP), net income was RMB132 million (US$19 million), representing a 58%increase from the same period in 2007, and a 16% decrease from the previousquarter.

The effective tax rate for the first quarter of 2008 was 28%, as comparedto 16% in the same period of 2007 and 7% in the previous quarter, primarilydue to the application of a statutory tax rate of 25% under the new PRCEnterprise Income Tax Law effective on January 1, 2008 and the increase ofshare-based compensation, which is not tax-deductible.

Diluted earnings per ADS were RMB1.43 (US$0.20) for the first quarter of2008.