Tencent-Backed Tongcheng Sees Profit Surge Amid Chinese Travel Boom

Tongcheng Travel Holdings, backed by Tencent, experienced a substantial rise in profit within the past quarter. Despite the challenging economic landscape, Tongcheng reported an impressive 23% surge in profit compared to the preceding year. Specifically, the company’s profit surged to 985 million yuan, reaching approximately $139 million, from 803 million yuan. Revenue also saw a notable uptick, climbing by 10.4% to 5.5 billion yuan, mainly driven by the exceptional performance in accommodation reservations. The surge in profit was predominantly fueled by the growing trend in ticketing and lodging bookings, reflecting the company’s effective strategies amid stiff market competition. Tongcheng acknowledged…