CAR Inc. reports slight increase in three-quarter net profit
CAR Inc. posted net profit of RMB 1,388 million in first three quarters and the company's chairman believes the new car-hailing rules are good for subsidiary UCAR.
CAR Inc., Chinese B2C-focused car-hailing UCAR's parent, announced its unaudited earnings results for the nine months ended 30 September 2016.
Financial Highlights in three quarters:
* Rental revenue was RMB 3,837 million, up by 19% YoY.
* Net profit was RMB 1,388 million, compared with RMB 1,001 million in same period of 2015.
* Adjusted EBITDA was RMB 2,380 million, up by 20% YoY.
* Total cash was RMB 3,405 million as at 30 September 2016.
* Total fleet had 96,734 vehicles in nine months, compared with 91,179 in full year 2015.
* For the third quarter of 2016, self-drive rental revenue grew 32%, a record high since IPO.
* For the third quarter and the nine months ended 30 September 2016, average daily rental revenue per short-term rental vehicle (“RevPAC”) were both RMB 172, compared with RMB 175 in both the same periods of 2015.
* For the nine months ended 30 September 2016, the fleet utilization rate rose to 65.1%.
* As at 30 September 2016, fleet rented to UCAR maintained at around 30,000, among which, 18,257 were under long-term rental terms.
* The Group disposed of 16,156 used vehicles, compared with 6,682 in same period of 2015.
* Totally 3,121 vehicles were sold via the B2C pilot program and 7,802 vehicles were sold to UCAR’s Maimaiche platform.
* The Company expanded its physical network to 783 directly-operated service locations, which includes 298 stores and 485 pick-up points in 97 major cities covering all provinces of China.
Mr. Charles Lu, chairman of CAR, commented, “UCAR’s business model has proven to be effective and all operating metrics are improving over time. Additionally, we believe implementation of the new local guidelines creates opportunities for UCAR to gradually expand its market share and eventually benefit CAR by potential growth in fleet rental needs from UCAR.”
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