Tuniu today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2018.
Highlights for the Fourth Quarter of 2018
Revenues from packaged tours in the fourth quarter of 2018 increased by 23.3% year-over-year to RMB357.6 million (USD 52.0 million).
Gross margin in the fourth quarter of 2018 was 57.3%, compared to a gross margin of 50.0% in the fourth quarter of 2017.
As of December 31, 2018, Tuniu had 29 local tour operators in total, including 3 newly launched local tour operators in China since November 27, 2018.
Highlights for the Fiscal Year 2018
Non-GAAP net income was RMB10.9 million (USD 1.6 million) in 2018, compared to a Non-GAAP net loss of RMB531.1 million in 2017.
Revenues from packaged tours in 2018 increased by 15.2% year-over-year to RMB1.8 billion (USD 266.3 million).
Operating expenses in 2018 decreased by 25.7% year-over-year to RMB1.5 billion (USD 221.7 million).
As of December 31, 2018, Tuniu had 509 offline retail stores in total, of which 345 were newly added since January 1, 2018.
Mr. Donald Dunde Yu, Tuniu´s founder, Chairman and Chief Executive Officer, said, "2018 has been a year filled with achievements and milestones. We perfected our sales and service networks, opened offline retail stores to improve our user acquisition ability and launched local tour operators to strengthen our service capability. "
Ms. Maria Yi Xin, Tuniu´s Chief Financial Officer, said, "We are pleased to announce Tuniu achieved non-GAAP profitability and positive operating cash flow for the full year 2018 for the first time since our listing, reflecting positive changes in Tuniu as a result of the implementation of our core strategies."
Fourth Quarter 2018 Results
Net revenues were RMB471.2 million (USD 68.5 million) in the fourth quarter of 2018, a year-over-year increase of 0.3% from the corresponding period in 2017. Revenues from packaged tours were RMB357.6 million (USD 52.0 million) in the fourth quarter of 2018, a year-over-year increase of 23.3%; other revenues were RMB113.6 million (USD 16.5 million) in the fourth quarter of 2018, a year-over-year decrease of 36.8%
Gross profit was RMB270.2 million (USD 39.3 million) in the fourth quarter of 2018, representing a year-over-year increase of 14.9%.
Net loss was RMB72.9 million (USD 10.6 million) in the fourth quarter of 2018, compared to a net loss of RMB186.1 million in the fourth quarter of 2017. Non-GAAP net loss was RMB25.6 million (USD 3.7 million) in the fourth quarter of 2018.
Net loss attributable to ordinary shareholders was RMB64.7 million (USD 9.4 million) in the fourth quarter of 2018, compared to a net loss attributable to ordinary shareholders of RMB184.9 million in the fourth quarter of 2017. Non-GAAP net loss attributable to ordinary shareholders was RMB17.3 million (USD 2.5 million) in the fourth quarter of 2018.
As of December 31, 2018, the company had cash and cash equivalents, restricted cash and short-term investments of RMB1.7 billion (USD 245.8 million).
Fiscal Year 2018 Results
Net revenues were RMB2.2 billion (USD 325.8 million) in 2018, a year-over-year increase of 2.2% from 2017. Revenues from packaged tours were RMB1.8 billion (USD 266.3 million) in 2018, a year-over-year increase of 15.2% from 2017; other revenues were RMB409.5 million (USD 59.6 million) in 2018, a year-over-year decrease of 32.1% from 2017.
Gross profit was RMB1.2 billion (USD 170.9 million) in 2018, representing a year-over-year increase of 0.6% from 2017.
Net loss was RMB199.4 million (USD 29.0 million) in 2018, compared to a net loss of RMB771.3 million in 2017. Non-GAAP net income was RMB10.9 million (USD 1.6 million) in 2018.
Net loss attributable to ordinary shareholders was RMB187.9 million (USD 27.3 million) in 2018, compared to a net loss attributable to ordinary shareholders of RMB773.0 million in 2017. Non-GAAP net income attributable to ordinary shareholders was RMB22.4 million (USD 3.3 million) in 2018.
Business Outlook
For the first quarter of 2019, Tuniu expects to generate RMB432.5 million to RMB456.5 million of net revenues, which represents 5% to 10% decrease year-over-year.
Read Original Article
