Tuniu Corporation, a leading online leisure travel company in China, announced its unaudited financial results for the third quarter ended September 30, 2018.
Highlights
Non-GAAP income from operations was RMB 51.4 million (USD 7.5 million) in the third quarter of 2018, compared to a Non-GAAP income from operations of RMB 0.6 million in the third quarter of 2017.
Net income was RMB 28.0 million (USD 4.1 million) in the third quarter of 2018, compared to a net loss of RMB 27.0 million in the third quarter of 2017. Non-GAAP net income was RMB 83.0 million (USD 12.1 million) in the third quarter of 2018, representing a year-over-year increase of 109.2%.
Operating expenses in the third quarter of 2018 decreased by 22.1% year-over-year to RMB 395.1 million (USD 57.5 million).
As of October 31, 2018, Tuniu had 415 offline retail stores in total, of which 251 were newly added since January 1, 2018.
As of November 27, 2018, Tuniu had 26 local tour operators in total, including 1 newly launched local tour operator overseas since July 31, 2018.
Results
Net revenues were RMB 763.1 million (USD 111.1 million) in the third quarter of 2018, representing a year-over-year decrease of 5.3% from the corresponding period in 2017.
* Revenues from packaged tours were RMB 632.7 million (USD 92.1 million) in the third quarter of 2018, representing a year-over-year increase of 4.7% from the corresponding period in 2017. The increase was primarily due to the growth of organized tours.
* Other revenues were RMB 130.4 million (USD 19.0 million) in the third quarter of 2018, representing a year-over-year decrease of 35.5% from the corresponding period in 2017. The decrease was primarily due to the decline in revenues generated from financial services and service fees received from insurance companies.
Gross profit was RMB 391.5 million (USD 57.0 million) in the third quarter of 2018, representing a year-over-year decrease of 11.2% from the corresponding period in 2017. The decrease was primarily due to the decrease in other revenues.
Net income was RMB 28.0 million (USD 4.1 million) in the third quarter of 2018, compared to a net loss of RMB 27.0 million in the third quarter of 2017. Non-GAAP net income, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB 83.0 million (USD 12.1 million) in the third quarter of 2018.
Net income attributable to ordinary shareholders was RMB 31.0 million (USD 4.5 million) in the third quarter of 2018, compared to a net loss attributable to ordinary shareholders of RMB 29.3 million in the third quarter of 2017.
Business Outlook
For the fourth quarter of 2018, Tuniu expects to generate RMB 422.9 million to RMB 446.4 million of net revenues, which represents 5% to 10% decrease year-over-year. This forecast reflects Tuniu´s current and preliminary view on the industry and its operations, which is subject to change.
Read Original Report
