Chinese online travel giant Trip.com saw ups and downs in the first quarter of 2021 as it returned to profitability while taking a revenue hit.

In the three months through March, Trip.com registered a net profit of 1.8 billion yuan ($273 million), in contrast to a net loss of 5.4 billion yuan in the same period of last year, when the Covid-19 outbreak forced travel agencies to suspend operations, according to its latest earnings report.

In response to serious upheaval in the market, the company cut expenses in marketing and administration 31% and 65% respectively.

Despite becoming profitable, Trip.com’s total quarterly revenue fell 13% to 4.1 billion yuan, which the company said was partly due to less demand for cross-border travel as the pandemic continues to spread overseas.

Digging a little deeper into the quarterly revenue figures, Trip.com’s hotel bookings and corporate travel revenues increased 37% and 101% respectively, while its revenues from transportation ticketing and package tours decreased 37% and 68%. Hotel bookings and transportation ticketing are the two biggest revenue sources for the company.

Despite not specifying how much of Trip.com’s revenue comes from the domestic market, the earnings report shows that its business has been resilient in China, where the economy has greatly recovered since the pandemic has been largely brought under control.

Contact reporter Ding Yi (yiding@caixin.com)

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