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Tuniu cuts net loss, package tour revenue up by 13.1%

Date:2018-05-25 10:16Source:ChinaTravelNews ReadingNumber: Times

Non-GAAP net loss dropped from 226.2 million yuan in Q1 2017 to 23.8 million yuan ($3.8 million), revenues from packaged tours jumped by 13.1% to 402.7 million yuan ($64.2 million).

Tuniu Corporation, a leading online leisure travel company in China, today announced its unaudited financial results for the first quarter ended March 31, 2018.

Highlights

Revenues from package tours in the first quarter of 2018 increased by 13.1% year-over-year to RMB402.7 million (USD 64.2 million).

Operating expenses in the first quarter of 2018 decreased by 31.4% year-over-year to RMB383.8 million (USD 61.2 million).

Non-GAAP net loss was RMB23.8 million (USD 3.8 million) in the first quarter of 2018, compared to a Non-GAAP net loss of RMB226.2 million in the first quarter of 2017.

As of April 30, 2018, Tuniu added 51 new offline retail stores during the year.

As of April 30, 2018, Tuniu had 21 local tour operators in total, including 7 newly launched local tour operators in China during April.

First Quarter 2018 Results

Net revenues were RMB480.5 million (USD 76.6 million) in the first quarter of 2018, representing a year-over-year increase of 5.4% from the corresponding period in 2017.

Revenues from packaged tours, which are mainly recognized on a net basis, were RMB402.7 million (USD 64.2 million) in the first quarter of 2018, representing a year-over-year increase of 13.1% from the corresponding period in 2017.

Other revenues were RMB77.9 million (USD 12.4 million) in the first quarter of 2018, representing a year-over-year decrease of 22.2% from the corresponding period in 2017.

Cost of revenues was RMB217.9 million (USD 34.7 million) in the first quarter of 2018, representing a year-over-year increase of 6.4% from the corresponding period in 2017. As a percentage of net revenues, cost of revenues was 45.3% in the first quarter of 2018 compared to 44.9% in the corresponding period in 2017.

Gross profit was RMB262.6 million (USD 41.9 million) in the first quarter of 2018, representing a year-over-year increase of 4.5% from the corresponding period in 2017.

Operating expenses were RMB383.8 million (USD 61.2 million) in the first quarter of 2018, representing a year-over-year decrease of 31.4% from the corresponding period in 2017.

Net loss was RMB71.6 million (USD 11.4 million) in the first quarter of 2018, compared to a net loss of RMB287.4 million in the first quarter of 2017. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB23.8 million (USD 3.8 million) in the first quarter of 2018.

As of March 31, 2018, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB3.1 billion (USD 500.3 million).

Business Outlook

For the second quarter of 2018, Tuniu expects to generate RMB519.9 million to RMB538.3 million of net revenues, which represents 13% to 17% growth year-over-year. This forecast reflects Tuniu´s current and preliminary view on the industry and its operations, which is subject to change. 

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