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Tuniu gross bookings increase 62.5% in Q1 2016

05/24/2016| 9:32:57 AM| 中文

Tuniu registered gross bookings growth of 62.5% to RMB3.1 billion (US$481.7 million) in Q1 2016 and its mobile traffic contributed over 75% of total online traffic

Tuniu announced on May 24 its unaudited financial results for the first quarter ended March 31, 2016.

Highlights for the First Quarter of 2016

* Loss from operations was RMB561.2 million (US$87.0 million), compared to a loss from operations of RMB242.8 million year-over-year. 
* Net loss was RMB542.8 million (US$84.2 million), compared to a net loss of RMB233.1 million in the first quarter of 2015. 
* Gross bookings (organized tours and self-guided tours) increased by 62.5% to RMB3.1 billion (US$481.7 million).
* Mobile traffic contributed over 75% of total online traffic and 80% of total orders in the first quarter of 2016.

Mr. Donald Yu, Tuniu´s co-founder, Chairman and Chief Executive Officer, said, "We had a solid first quarter performance with net revenues and packaged tour gross bookings growing 62.8% and 62.5% year-over-year, respectively. While we continue to be impacted by a slowing demand for Europe, we observed that customers who are choosing to travel to nearby destinations instead of farther destinations continue to book with the Tuniu platform. Our total number of trips continues to rapidly grow at 80.2% year-over-year and our returning customer contributed 43.6% of our gross booking during the first quarter. This reflects our customers´ loyalty and preference for Tuniu as a comprehensive provider of leisure travel services."

Mr. Alex Yan, Tuniu´s co-founder, President and Chief Operating Officer, said, "As Tuniu continues to lead the organized tour segment in terms of market share, we will also put increased emphasis on self-guided tours. Self-guided tours in China has the potential of becoming a significant driver for leisure travel because many younger generation travelers or seasoned travelers often prefer to explore destinations with a flexible schedule. By increasing our procurement capabilities for diversified products, expanding our offerings in hotels and air tickets, and strengthening our supply chain management capabilities, Tuniu can efficiently provide products to meet travelers´ demand for self-guided tours. We believe that our ability to dynamically bundle together air ticket and hotel with vast amount of localized resources such as destination-based services and tours is our key competitive advantage in self-guided tours."

First Quarter 2016 Results

Net revenues were RMB2.0 billion (US$315.1 million) in the first quarter of 2016, representing a year-over-year increase of 62.8% from the corresponding period in 2015. The number of trips sold increased by 80.2% to 1,187,507 in the first quarter of 2016 from 659,032 in the first quarter of 2015.

Cost of revenues was RMB1,944.8 million (US$301.6 million) in the first quarter of 2016, representing a year-over-year increase of 62.4% from the corresponding period in 2015. As a percentage of net revenues, cost of revenues was 95.7% in the first quarter of 2016 compared to 95.9% in the corresponding period in 2015.

Loss from operations was RMB561.2 million (US$87.0 million) in the first quarter of 2016, compared to a loss from operations of RMB242.8 million in the corresponding period in 2015. Non-GAAP loss from operations, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB504.1 million (US$78.2 million) in the first quarter of 2016.

Net loss was RMB542.8 million (US$84.2 million) in the first quarter of 2016, compared to a net loss of RMB233.1 million in the first quarter of 2015. Non-GAAP net loss, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB485.7 million (US$75.3 million) in the first quarter of 2016.

Net loss attributable to ordinary shareholders was RMB539.5 million (US$83.7 million) in the first quarter of 2016, compared to a net loss attributable to ordinary shareholders of RMB233.1 million in the corresponding period in 2015. Non-GAAP net loss attributable to ordinary shareholders, which excluded share-based compensation expenses and amortization of acquired intangible assets, was RMB482.4 million (US$74.8 million) in the first quarter of 2016.

As of March 31, 2016, the Company had cash and cash equivalents, restricted cash and short-term investments of RMB5.7 billion (US$881.4 million).

Business Outlook

For the Second quarter of 2016, Tuniu expects to generate RMB2,338 million to RMB2,414 million of net revenues, which represents 54% to 59% 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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