Leisure-focused online travel company Tuniu Corporation reported its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022, posting a 62.8% decline in net revenues.
"Although 2022 was the most difficult year for travel industry since the pandemic outbreak, we were pleased to see the beginning of a recovery in the fourth quarter," said Mr. Donald Dunde Yu, Tuniu's founder, Chairman and Chief Executive Officer.
Fourth Quarter 2022 Results
Revenues from packaged tours were RMB5.0 million (US$0.7 million) in the fourth quarter of 2022, representing a year-over-year decrease of 88.4% from the corresponding period in 2021.
Other revenues were RMB22.4 million (US$3.2 million) in the fourth quarter of 2022, representing a year-over-year decrease of 27.0% from the corresponding period in 2021.
Gross margin was 44.6% in the fourth quarter of 2022.
Net loss was RMB9.3 million (US$1.3 million) in the fourth quarter of 2022, compared to a net loss of RMB36.2 million in the fourth quarter of 2021.
As of December 31, 2022, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB922.3 million (US$133.7 million).
Fiscal Year 2022 Results
Net revenues were RMB183.6 million (US$26.6 million) in 2022, representing a year-over-year decrease of 56.9% from 2021.
Gross margin was 48.8% in 2022, compared to a gross margin of 40.2% in 2021.
Net loss was RMB203.0 million (US$29.4 million) in 2022, compared to a net loss of RMB128.5 million in 2021.
For the first quarter of 2023, Tuniu expects to generate RMB60.1 million to RMB64.3 million of net revenues, which represents a 45% to 55% increase year-over-year compared with net revenues in the corresponding period in 2022.