Rental revenue of CAR Inc. increases 36% in Q1 2016
During the first quarter, rental revenue of CAR Inc. increased 36% to RMB1,255.2 million and its net profit grew 55% to RMB274 million.
The Board of Directors (the “Board”) of CAR Inc. (the “Company”) announced the unaudited consolidated results of the Company and its subsidiaries (the “Group”) for the three months ended 31 March 2016 (the “Reporting Period”) prepared pursuant to International Financial Reporting Standards (“IFRS”).
During the first quarter, rental revenue increased 36% to RMB1,255.2 million. Adjusted EBITDA margin and adjusted net profit margin were 64% and 20%, respectively.
During the first quarter of 2016, new customers contributed 39% of total transactions. Reservations via mobile application as a percentage of total reservations further increased to 68% from 55% in the first quarter of 2015.
The Company’s short-term rental fleet grew to 56,141 vehicles as at 31 March 2016 from 49,346 vehicles as at 31 March 2015, and short-term rental revenue during the first quarter increased 19% to RMB869.6 million. RevPAC remained solid at RMB174 in the first quarter of 2016. Fleet utilization rate further increased to 64.2%, through efficient demand forecasting and fleet supply management, whilst the Company continued to maintain a deliberate balance to secure more license plates.
Looking ahead to the rest of 2016, the Company expects to drive healthy growth and maintain strong profitability supported by its dominant leading position and new growth initiatives in short-term rental self-drive business, increasing benefits from the collaboration with UCAR, and better disposal channels for used cars.
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